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Report: ArcelorMittal raises bid for Essar Steel to 420B rupees

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Report: ArcelorMittal raises bid for Essar Steel to 420B rupees

ArcelorMittal increased its bid for bankrupt Essar Steel India Ltd. to 420 billion Indian rupees, Mint reported Sept. 10, citing a source.

The company also committed to pay 70 billion rupees to settle the debt of Uttam Galva Steels Ltd. and KSS Petron, in which it is considered a promoter.

Recently, India's National Company Law Appellate Tribunal ruled that ArcelorMittal's bid for Essar Steel would be eligible if it clears all outstanding dues of the two defaulting companies by Sept. 11.

ArcelorMittal confirmed it filed a revised offer for Essar Steel but did not disclose the terms.

In the second round of bids, Numetal offered to pay 370 billion rupees to buy out Essar Steel, while Vedanta Ltd. pitched 340 billion rupees.

ArcelorMittal joined forces with Nippon Steel & Sumitomo Metal Corp. for the latest round of bidding, while JSW Steel Ltd. is backing Numetal, a VTB Bank affiliate.

The committee of creditors will decide on the winning bidder for the debt-laden steel company.

As of Sept. 7, US$1 was equivalent to 71.97 Indian rupees.