Battle for Essar Steel: ArcelorMittal sets terms for Rs 70 bn repayment

Global steel giant has deposited the amount in an escrow account of SBI to become eligible to bid for bankrupt Essar Steel

Indian lenders will have access to Rs 70 billion deposited by ArcelorMittal in an escrow account, but only after the L N Mittal-owned company gets approval from the National Company Law Tribunal (NCLT) to take over Essar Steel and all pending litigation against the stressed steel asset are resolved before the acquisition.
 
These are among the conditions set by the global steel giant for lenders, according to a source, as the bidding war for Essar Steel intensifies.
 
ArcelorMittal has also demanded that the committee of creditors (CoC) of both Uttam Galva Steels Ltd and KSS Petron – both