ArcelorMittal is competing with a consortium led by Russia’s VTB Group as bids come in for Essar Steel India Ltd., the largest distressed steelmaker being sold under the country’s insolvency process, people with knowledge of the matter said.
ArcelorMittal, the world’s biggest producer of the alloy, is planning a joint offer with Nippon Steel & Sumitomo Metal Corp. by Monday’s deadline, according to the people. Essar Steel could fetch a valuation of at least $6 billion in a sale, the people said, asking not to be identified because the information is private.
A new Indian bankruptcy law designed to clear out distressed
