• Friday, August 12, 2022

Business

Lenders Ask ArcelorMittal To Raise Offer By £419 Million to Acquire India’s Essar Steel

The Luxembourg based steel producer has also promised an additional equity infusion of Rs 80bn whereas Vedanta has offered Rs 50bn.(REUTERS/Mark Blinch/File Photo).

By: Radhakrishna N S

India’s debt-ridden Essar Steel’s lenders have asked Luxembourg headquartered ArcelorMittal to raise its offer to by nearly Rs 40 billion (£419.12 million) take full control of Essar Steel. With this new development, the lenders have asked ArcelorMittal for an upfront payment of Rs 390bn to take Indian steel firm into their control. Earlier, ArcelorMittal had offered a direct payment of Rs 350bn and had emerged as the highest bidder. The steel giant had beaten a similar bid from the corporate giant, Vedanta Resources. The Luxembourg-based steel producer has also promised an additional equity infusion of Rs 80bn, whereas Vedanta has…

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