ArcelorMittal has sent a letter to Essar Steel lenders, saying it is preparing to repay dues worth Rs 4,554 crore of Uttam Galva and KSS Petron so that it could bid for Essar Steel under the Insolvency and Bankruptcy Code.
The Supreme Court had in an October 4 order directed the world’s largest steelmaker to clear the dues of Uttam Galva and KSS Petron — both loan defaulters where ArcelorMittal held a significant stake before exiting them in February this year — to be eligible to bid for Essar Steel.
“We intend to proceed forward with an assignment of such overdue loans to ArcelorMittal India Private Ltd (or entities designated by it),” ArcelorMittal told the committee of creditors (CoC) of Essar Steel. “We will separately work with you to progress execution of the necessary documents,” the company said in its response to a letter sent by the committee on October 9. Read more
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