Posco likely to bid for Rs 37,284-cr debt-ridden Essar Steel

If bidding happens, the deal would benefit Posco in boosting its India plans

Ishita Ayan Dutt & Surajeet Dasgupta  |  Kolkata/ New Delhi 

South Korean steel manufacturer Posco may consider bidding for debt-ridden Essar Steel, currently facing proceedings under the Insolvency and Bankruptcy Code, according to merchant banking sources close to the development. Essar Steel's debt in the financial year 2015-16 stood at Rs 37,284 crore. When contacted, Posco India Chairman and Managing Director Gee Woong Sung said, "We don't have a formal position on this right now." If Posco bids for Essar Steel, the deal would benefit Posco in boosting its India plans. Posco came to India with plans for a ...

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