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Russia's VTB Group may bid for the debt-ridden Essar Steel alone

Earlier the Russian bank was making a plan to take over the company via Numetal Mauritius - which had a Ruia family interest

VTB bank logo, VTB bank, VTB
VTB bank logo. Photo: Reuters

Russia's VTB Group is likely to bid alone for the debt-ridden Essar Steel. Earlier the Russian bank was making a plan to take over the company via Numetal Mauritius - which had a Ruia family interest. According to the Supreme Court order, both Numetal and ArcelorMittal will have to first clear all old dues and then bid for Essar Steel. The SC gave both companies two weeks time to cure their ineligibility by paying past dues to banks. This has made the cost of acquisition very high for both companies. The Section 29A of IBC bans promoters of defaulting companies to make a bid ...