• Saturday, August 13, 2022

Business

Ready to Pay Dues If Essar Steel Bid Accepted: ArcelorMittal to India’s Top Court

Ready to Pay Dues If Essar Steel Bid Accepted: ArcelorMittal to India’s Top Court (Photo Credit: Jeff J Mitchell/Getty Images).

By: Radhakrishna N S

Multinational steel business giant, ArcelorMittal told India’s top court, supreme court that it would lift the escrow on £744.85 million and ready to pay the money of Uttam Galva and KSS Petron in which LN Mittal is classified as a promoter, if it permitted to bid with success for Essar Steel. Senior advocate, Harish Salve told the Supreme Court bench on Thursday that the ArcelorMittal will pay the sum if the bid for Essar Steel is accepted. Last week, the National Company Law Appellate Tribunal (NCLAT) had ruled that ArcelorMittal’s second bid for Essar Steel would be eligible only if it takes necessary steps to repay all dues of the…

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