Essar group's EPC Constructions' lenders have called for fresh bids after rejecting the offer from ArcelorMittal as they found it too low, Mint reported, citing sources.
ArcelorMittal was looking to buy the company at a 93 percent discount, the sources told the paper, adding that fresh bids are expected to be submitted by Tuesday.
ArcelorMittal had placed a bid of Rs 500 crore, against EPC Constructions' outstanding loans of Rs 7,268 crore. The company had also said that it would bring in some equity into EPC Constructions if it was chosen.
This was the second Essar group company, after Essar Steel, ArcelorMittal showed interest in.
First Published: IST