One of the persons said Essar's comeback bid will be in compliance with the rules.The Ruias are expected to join forces with Russian bank VTB and Hong Kong-based special situations fund SSG Capital. The Essar promoters may retain a small minority stake of 10-20%, while SSG and VTB will be the principal shareholders. Essar has sought legal opinion and are confident that they have a strong chance in retaining the asset," said an executive. "Essar Steel owes lenders about Rs 45,000 crore, of which Rs 31,671 crore became non-performing as of March 31, 2016. But someone who does not fall in that definition but enjoys their confidence can," said a senior source involved in the Essar Steel resolution.

Source: Economic Times January 16, 2018 01:30 UTC