MUMBAI : Lenders to Odisha Slurry Pipeline Infrastructure Ltd (OSPIL) intend to stick with ArcelorMittal’s bid for the distressed asset, despite Thriveni Earthmovers’s legal challenge. Earlier this month, Tamil Nadu-based Thriveni Earthmovers had raised its offer for the distressed iron ore slurry pipeline to ₹4,000 crore. Thriveni’s bid included an upfront cash payment of only ₹8 crore, while the rest of the amount was proposed to come in tranches. When lenders rejected Thriveni’s revised bid, the latter challenged the decision at the Cuttack bench of the National Company Law Tribunal (NCLT). OSPIL owns and operates a 253-km pipeline that connects iron ore mines in Dabuna, Odisha, to a pelletisation plant in Paradip.

Source: Mint January 27, 2020 06:00 UTC