• Friday, August 19, 2022

Business

Vedanta Emerges as Front Runner to Bid India’s Essar Steel

Essar Steel witnessed huge losses after Maoists blew up its slurry pipeline system in Chhattisgarh state. (Photo: JULIO CESAR AGUILAR/AFP/Getty Images).

By: Radhakrishna N S

Vedanta group has now emerged as a front-runner in the race to purchase Essar Steel considering that the acquisition expenditure of the ArcelorMittal has climbed by at least Rs 70 billion when compared to its rivals in the bidding process. Another bidder, Numetal is currently almost out of the competition, according to lenders. Vedanta had said in the second round of bidding that it was ready to pay Rs 350bn for Essar Steel. India’s top court, supreme court orders that the committee of creditors would look at all the bid including Vedanta to acquire Essar Steel. The offers of ArcelorMittal…

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