ArcelorMittal Nippon Steel India joins race to buy Srei group firms

ArcelorMittal Nippon Steel India (AM/NS India), a joint venture between global steel majors ArcelorMittal and Nippon Steel, has submitted an expression of interest (EOI) for Srei group companies undergoing insolvency proceedings.

AM/NS India did not comment. ArcelorMittal said it had no comment to offer.

Sources close to the development said whether new participants who were not part of the original list of EOI would be allowed will have to be evaluated.

It will be decided based on commercial wisdom, legal provisions and past court precedence, the sources added.

Srei group companies — Srei Infrastructure Finance and Srei Equipment Finance —