Lenders reject Arcelor’s bid to buy Essar firm at 93% discount

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Mumbai: ArcelorMittal has challenged the committee of creditors’ last week decision to reject its bid for Essar Steel on technical grounds at the Ahmedabad bench of the National Company Law Tribunal (NCLT), the company said in a statement on Monday. The bankers had met on 23 March in Mumbai and had rejected ArcelorMittal’s bid along with that of Numetal – the only two bidders for the crippled.

 · New Delhi, May 13 () The world’s largest steel maker ArcelorMittal is in effect paying Rs 39,500 crore and not Rs 42,000 crore for buying Essar Steel as the remaining sum is.

Lenders to EPC Constructions India Ltd, an Essar group firm. to buy the company at a 93% discount, said the banker, requesting anonymity. fresh bids are now expected to be submitted by Tuesday, the.

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Essar Global Fund says repaid all of Essar Group debt. Over the past two years, Essar Group has repaid more than 1.37 trillion debt, mostly to Indian banks. essar steel india, which alone has a debt of 45,000 crore, is under the Insolvency and Bankruptcy Code

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