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ArcelorMittal submits offer for debt-laden Essar Steel

IANS  |  London 

on Monday said that its subsidiary Pvt Ltd (AMIPL) has submitted an offer for Limited in line with the corporate insolvency resolution process for Indian company.

In its offer, AMIPL set out a detailed industrial plan for the maker to address its operational issues and aimed at improving its performance and profitability.

"Essar provides a compelling opportunity for us to enter the high growth Indian The offer submitted today by AMIPL includes a detailed investment plan to address operational issues in Essar's existing asset base.

"With our industry expertise and renowned operating prowess, we believe we are uniquely equipped to implement a successful turnaround which would be beneficial to its stakeholders," said

In its offer, the company also highlights the experience and track record of the group in the successful acquisition and integration of under-performing assets.

The steel major also said Essar would also have access to the deep bench of technical expertise and knowledge from across the group which is unparalleled in the

said this opportunity aligns with the group's strategy of selectively investing in attractive projects to maximize long-term shareholder value.

"is expected to be the world's fastest growing over the next decade and as the grows its will also increase. We believe our technical experience and management know-how, gained from many successful acquisitions and integrations, will ensure success for the various steel and pelletising operations at Essar," he said.

is an and has a of 9.6 million tonnes per annum, although the current maximum is 6.1 million tonnes per annum, due to a bottleneck in the steel making and casting process, it said in a statement.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, February 12 2018. 19:44 IST
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