Essar Steel India board, shareholders offer to pay creditors

(Reuters) - Essar Steel India Ltd's board and shareholders have offered to pay 543.89 billion rupees ($7.42 billion) to its creditors to settle their claims and to withdraw the firm from a bankruptcy process.

Essar Steel is among a dozen of India's biggest debt defaulters that were pushed into the bankruptcy court last year after a central bank order that was aimed at clearing record bad loans at the country's banks.

($1 = 73.2750 Indian rupees)

(Reporting by Krishna V Kurup in Bengaluru; Editing by Amrutha Gayathri)