Business Standard

Essar Steel lenders may get more than Rs 42,000 cr from resolution process

Lenders and ArcelorMittal have mutually agreed to appoint Grant Thorton for an audit of Essar's Ebitda

essar
Premium

Ishita Ayan Dutt Kolkata
Lenders to Essar Steel may get more than Rs 42,000 crore from the resolution process.

Lenders and ArcelorMittal have mutually agreed to appoint Grant Thorton for an audit of Essar’s Ebitda (earnings before interest, tax, depreciation, and amortisation), which will flow to the lenders, said sources close to the development. 

Grant Thornton didn’t comment citing client confidentiality clauses. ArcelorMittal didn’t comment either.

According to clauses of the request for proposal document, the Ebidta will flow to the lenders, said sources. The minimum guarantee is Rs 2,500 crore.

As part of the bid, ArcelorMittal was making an upfront payment of Rs

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Nov 28 2019 | 9:10 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com