ArcelorMittal Looks To Snag Another Piece Of Essar Empire


ArcelorMittal Looks To Snag Another Piece Of Essar Empire

ArcelorMittal SA, the world’s biggest steelmaker, has bid 48 billion rupees ($673 million) to acquire Essar’s 1200 megawatt power plant in central India, one of the most prized assets in the debt-ridden group’s power portfolio.

The bid for the power plant once again pits ArcelorMittal chief Lakshmi Mittal against the Ruia family, who are already fighting to prevent their flagship steel asset from falling into the hands of the global steel giant.

Essar’s creditors are selling many of the group’s assets to recover billions of dollars of loans, leaving Essar Group with little say over who buys the assets. Read more

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