ArcelorMittal Offers £6.83 Billion To Acquire India’s Essar Steel

• Radhakrishna N S
• 24 October, 2018

By: Radhakrishna N S

Steel giant, ArcelorMittal in a bid to acquire debt-ridden Indian steel producer, Essar Steel has agreed to pay a sum of Rs 500 billion (£6.83bn), including Rs 80bn as capital infusion after the lenders have begun voting on its offer. The electronic voting process started on Tuesday (23) and the banks have 24 hour time to either accept or reject the offer made by the steel giant. According to the offer made by the Luxembourg-based steel firm, the secured creditors are about to obtain Rs 394bn and also Rs 25bn fund into the company which bring the sum offered by…

You do not have access to this content. You need to subscribe.