CoC to decide on ArcelorMittal, Royale revised bids for EPC Constructions

Lenders were also interested in equity infusion apart from the upfront payment

Lenders to EPC Constructions India (ECIL), an Essar group firm, are expected to take a call on the revised bids submitted by ArcelorMittal and Royale Partners anytime now, said sources.

Earlier, ArcelorMittal had submitted an offer for the company facing insolvency comprising an upfront payment of Rs 500 crore, which was rejected by lenders. Royale’s offer was believed to be lower. The committee of creditors (CoC) then decided to call for revised bids.

Sources said, Arcelor has submitted a revised package, inclusive of capital infusion, which amounted to more than Rs 2,000 crore. The upfront offer had been upped, they said. ArcelorMittal,