• Thursday, August 11, 2022

Business

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

Secured lenders are expected to get Rs 420bn on total debt of Rs 490 bn, with a recovery of around 86 per cent for the steel company (Photo: JULIEN WARNAND/AFP/Getty Images).

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…

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