Deals

ArcelorMittal Boosts Essar Steel Bid to $5.8 Billion

Essar owes about 508 billion rupees; sent to bankruptcy by RBI
VTB-backed consortium, Vedanta also vying for Indian mill

ArcelorMittal has raised its bid for indebted Essar Steel India, sources said. Bloomberg’s Saloni Shukla reports.(Source: Bloomberg)

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By George Smith Alexander, Saloni Shukla, Bhuma Shrivastava, and Swansy Afonso

September 10, 2018 at 12:27 PM UTC

Updated on

September 11, 2018 at 2:27 PM UTC

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ArcelorMittal has raised its bid for indebted Essar Steel India Ltd. to about 420 billion rupees ($5.8 billion), people with knowledge of the matter said.

The world’s biggest steelmaker recently sent a letter to Essar Steel’s lenders informing them of its new proposal, the people said, asking not to be identified because the information is private. The company has offered to repay all of Essar Steel’s secured debt, one of the people said. ArcelorMittal’s earlier bid was about 340 billion rupees, the people said.