Essar Steel lenders to take a call on offers made by Numetal, ArcelorMittal

The lenders of Essar Steel are meeting on Monday to take a call on the two offers made by Numetal Mauritius, a VTB Bank of Russia-owned company and ArcelorMittal. Both the bids are likely to be rejected with lenders planning to seek second round of bidding.

 

ArcelorMittal failed to clear the legal eligibility test as it and its promoter LN Mittal had investments in two non-performing assets in India - Uttam Galva Steels and KSS Petron, respectively. Numetal bid may not clear the eligibility test as 25 per cent stake is held by a trust in which a Ruia family member is a beneficiary.