Numetal to match ArcelorMittal's $5.8-billion bid for Essar Steel

Acquiring Essar Steel's assets will give the buyer a sizable presence in a sector that is expected to benefit from India's plan to invest trillions of rupees on roads, ports and airports

A VTB Capital-led consortium has offered to match ArcelorMittal’s Rs 420-billion ($5.8 billion) bid for Essar Steel India, heating up the long drawn battle for the biggest steel mill being sold under the bankruptcy law. 

Numetal, the consortium led by VTB, is willing to revise its earlier bid of Rs 370 billion for the 10 million tonnes a year steel manufacturing unit, Mukul Rohatgi, the lawyer representing the company, told the Supreme Court on Thursday. 

At the same time, rival bidder ArcelorMittal must pay the Rs 70 billion its group companies owe to creditors to stay in the race, he said. The