Bankers demand more from ArcelorMittal’s for full control of Essar


Bankers demand more from ArcelorMittal’s for full control of Essar

Bankers are demanding a few thousand crores over ArcelorMittal’s offer of Rs 35,000 crore to transfer full control of debt-laden Essar Steel to the Londin-based firm. A meeting with bankers and the Luxembourg based steel company was inclusive till midnight and was yet to put to vote, ET has learnt.

The 14 month battle for the 10 million tonne steel plant is in its last lap with a late night meeting called by bankers on Monday in which the committee of creditors are likely to electronically vote their preference based on the final offer from the world’s largest steel company. Bit the vote did not take place as bankers demanded more money from ArcelorMittal.

Arcelor offered to pay Rs 35,000 crore cash but bankers want more. ArcelorMittal may also agree to infuse an additional amount to purchase the Odisha Slurry Pipeline Infrastructure which is a separate subsidiary of Essar Steel used to transfer iron ore from mines in Odisha to the Paradip Port from where it is take to the Hazira based Essar plant in Gujarat. Read More

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