New Delhi : ArcelorMittal has transferred Rs 7,000 crore to SBI to clear bank dues of loan defaulter Uttam Galva Steels so that it becomes eligible to bid for acquisition of Essar Steel, sources said.
The move to park about Rs 7,000 crore in an escrow account of SBI follows ArcelorMittal’s bid for Essar Steel coming in for questioning because of its past shareholding in loan defaulter firm, Uttam Galva Steel.
The persons said the funds in escrow account can be used to pay off outstanding dues of Uttam Galva Steel as well as KSS Petron. ArcelorMittal refused to comment on transfering of about Rs 7,000 crore.