trending Market Intelligence /marketintelligence/en/news-insights/trending/2RwN9XH76gPWFeDZ5I6FdQ2 content esgSubNav
In This List

Report: ArcelorMittal, Resurgent studying joint bid for Essar Power plant


Infographic: The Big Picture 2024 – Energy Transition Outlook

Case Study

An Oil and Gas Company's Roadmap for Strategic Insights in a Quickly Evolving Regulatory Landscape


Essential IR Insights Newsletter Fall - 2023


Battery metals - unbated long term need for supply security despite short-term headwinds

Report: ArcelorMittal, Resurgent studying joint bid for Essar Power plant

ArcelorMittal is in preliminary talks with Resurgent Power Ventures to jointly bid for Essar Power Ltd.'s 1,200-MW plant in Madhya Pradesh, India, Bloomberg News reported May 27, citing unnamed sources.

The report said ArcelorMittal made a non-binding offer of 48 billion Indian rupees in February for the power plant, which supplies electricity to ArcelorMittal's takeover target Essar Steel India Ltd.

ArcelorMittal and Nippon Steel & Sumitomo Metal Corp. emerged as the winning bidders for debt-laden Essar Steel after offering US$5.7 billion, but India's Supreme Court blocked the deal pending a review by the bankruptcy court on various appeals.

Tata Power Co Ltd has a 26% stake in Resurgent Power, while the rest is held by ICICI Bank Ltd. and the sovereign wealth funds of Oman and Kuwait, according to Bloomberg News.

Representatives from ArcelorMittal, Essar and ICICI declined to Bloomberg News' request for comment, while Tata Power told the news agency that it does not comment on market speculation.

As of May 24, US$1 was equivalent to 69.39 rupees.