Lenders side with Mauritian fund over ArcelorMittal for Essar Group’s EPC Constructions


Lenders side with Mauritian fund over ArcelorMittal for Essar Group’s EPC Constructions

A consortium of bankers approved the resolution plan submitted by Royale Partners to acquire Essar Group’s EPC  Constructions, preferring the Mauritius investment fund over steel giant ArcelorMittal.

Up to 73 percent of the lenders voted in favour of the resolution plan by Royale Partners, said sources familiar with the matter, asking not to be named.

Royale Partners, owned by Dubai- headquartered RPMG Investment, offered Rs 420 crore as upfront cash payment to the lenders, led by IDBI Bank and Rs 480 crore as non-convertible debentures. Read More

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