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October 12, 2018 09:28 PM | Infrastructure

Russian financial services giant VTB moves Supreme Court in Essar Steel acquisition case

Russia's VTB Bank Friday moved the Supreme Court seeking clarification of its October 4 verdict by which mining major ArcelorMittal and NuMetal were granted another opportunity to bid for Essar Steel.

VTB Bank has recently indicated that it was likely to bid alone for the debt-ridden Essar Steel.

VTB is the largest shareholder in NuMetal consortium.

A bench of justices R F Nariman and Indu Malhotra had said that ArcelorMittal and VTB Bank-promoted NuMetal can bid for Essar Steel, provided the two pay off the non-performing assets (NPAs) of their related corporate debtors within two weeks from October 4.
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