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ArcelorMittal and Nippon Steel re-bid for debt-laden Essar Steel

ArcelorMittal and Nippon Steel re-bid for debt-laden Essar Steel

ArcelorMittal and Nippon Steel re-bid for debt-laden Essar Steel
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By CNBC-TV18 Apr 3, 2018 7:17:21 AM IST (Updated)

JSW Steel said to have come on board as an investor along with Numetal consortium to bid for Essar Steel.

ArcelorMittal along with Nippon Steel & Sumitomo Metal Corporation (NSSMC), submitted an offer on Monday in the re-bidding for Essar Steel, to jointly acquire and manage the debt-laden company, ArcelorMittal said in a press release.

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According to banking sources, JSW Steel said to have come on board as an investor along with Numetal consortium to bid for Essar Steel.
In last minute negotiations, JSW Steel replaced Aurora Enterprises as a minority shareholder in Numetal consortium.
The deadline to submit bids for the steelmaker ends Monday, less than a month before the 270-day resolution timeline for the company under insolvency and bankruptcy code (IBC) ends.
However, the bids cannot be opened until National Company Law Tribunal (NCLT) hearing on April.
Essar Steel has a debt of over Rs. 44,000 crores to a SBI-headed consortium.
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