ArcelorMittal, the only other bidder for the Ruia-founded Essar Steel , isn’t eligible to bid for this reason, Abboud said.ArcelorMittal was involved as promoter in defaulting companies, he said.ArcelorMittal announced its exit from one of them, Uttam Galva, last month. We are a financial group with a balance sheet (in) excess of $300-400 billion.”VTB has known Essar Steel for a long time, even before it got into the insolvency process, he said. “We have already done some due diligence in the past which helped,” he added, saying Russian industry has builthalf theIndian steel sector over the years. As the largest commercial bank in Russia, VTB has been heavily exposed to the companies that helped build the Indian steel sector, he said. “If you think you are patient enough, you have to multiply that by 10 to satisfy the Indian market.”

Source: Economic Times March 05, 2018 01:58 UTC