The Indian lenders will have several meetings with the representatives of ArcelorMittal and Numetal on Wednesday to discuss the offers made by both companies for Essar Steel.
While ArcelorMittal has made a conditional offer to repay the debt of Uttam Galva Steels to become eligible, Numetal has offered to remove the trust where Rewant Ruia, son of Essar Steel's co-founder, is the beneficiary. In a letter to lenders last week, ArcelorMittal had offered to repay Rs 530 billion of Uttam Galva's debt if it is declared a winner for Essar Steel, which runs a 10-million-tonne ...
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First Published: Wed, May 02 2018. 01:35 IST
