Lenders reject Arcelor’s bid to buy Essar firm at 93% discount

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Lenders reject bids by Numetal, ArcelorMittal for Essar Steel. The State Bank-led consortium of lenders to Essar Steel today rejected the bids by both Numetal as well as. Numetal’s bid was.

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Mumbai: In what could further delay the resolution of Essar Steel that owes over Rs 45,000 crore to lenders, the SBI-led consortium of creditors on Wednesday rejected the bids by Numetal, an SPV floated by Russian lender VTB Bank and Rewant Ruia, and ArcelorMittal, finding them ineligible under the IBC laws that debar related parties from bidding.

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Lenders reject bids by Numetal, ArcelorMittal for Essar Steel, to go for fresh round of bidding Lenders said bids by both the parties were found ineligible under Section 29A of the IBC, and have.

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Lenders to EPC Constructions India Ltd, an Essar group firm. to buy the company at a 93% discount, said the banker, requesting anonymity. Fresh bids are now expected to be submitted by Tuesday, the.

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 · Numetal and ArcelorMittal were the only two bidders for Essar Steel which owes its over 30 lenders more than Rs 45,000 crore. NEW DELHI: World’s largest steel maker Arce lorMittal, whose bid for Essar Steel was rejected by lenders, today said it plans to re-bid for the debt-laden firm.

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After NCLT order, Essar Steel lenders to decide on status of Numetal, Ruia contention Numetal sources said the court order implies that the lenders’ committee will have to consider the original bid by the consortium, in which Aurora holds 25% stake and is led by Russia’s VTB Bank.

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ArcelorMittal emerged as sole bidder for Essar Group firm EPC Constructions, with a bid of 500 crore, against outstanding loans of 7,268 crore. to buy EPC Constructions at 93% discount 2.