 "The acquisition is currently pending in the Supreme Court")
The Ruias of Essar Group are set to wrest back control of their 1,200-Mw Mahan Power project in Madhya Pradesh after a rival bid from ArcelorMittal failed to meet expectations of the lenders.
L N Mittal-owned ArcelorMittal had made a non-binding bid of Rs 4,800 crore for the company in December last year, pending its own due diligence. As against this, the Ruias had made an upfront cash offer of Rs 3,450 crore as one-time settlement.
After its due diligence, ArcelorMittal revised its offer and attached fresh conditions to the bid, citing high contingent liability of the power company, a banking source
