ArcelorMittal and Ruia-backed Numetal bid for Essar Steel

The race for buying the bankrupt Essar Steel boiled down to just two - billionaire Lakshmi Mittal who built his steel empire by buying up bankrupt companies across the globe, and Numetal, a joint venture between Russia's VTB Bank and a member of the Ruia clan - Rewant Ruia, said two people familiar with the matter. Mittal expressed optimism about the Indian steel industry and said it has submitted a detailed plan that would address many of Essar's operational issues that had dragged the firm into bankruptcy.