ArcelorMittal sweetens offer for Essar Steel
New Delhi: World’s leading steel giant ArcelorMittal has sweetened its offer for Essar Steel, as the bids received in the second round for the debt ridden firm were opened by its lenders Monday.
cheap Canada Goose Without disclosing the amount, the Luxembourg headquarterd firm said that it has submitted a revised proposal to Essar Steel India Ltd’s (ESIL) Committee of canada goose outlet winnipeg Creditors (CoC). cheap Canada Goose
The revised offer also includes a commitment to pay Rs 7,000 crore dues to the financial creditors of Uttam Galva and KSS Petron to be eligible canada goose outlet black friday sale in the race to acquire Essar Steel.
Canada Goose sale «ArcelorMittal confirms that it has today submitted a revised proposal to Essar Steel’s Committee of Creditors for the acquisition of ESIL,» ArcelorMittal said in a statement canada goose outlet 80 off Monday. Canada Goose sale
Canada Goose Parka «The financial terms of the proposal are confidential, but represent a material increase to the previous offers made by the company,» it added. Canada Goose Parka
canada goose The revised offer, which includes a commitment to pay the entire amount due to the financial creditors of Uttam Galva and KSS Petron, therefore represents unprecedented value to all concerned creditors, the statement added. canada goose
canada goose coats «Through the revised offer ArcelorMittal demonstrates its serious commitment to canada goose outlet uk India, creditor banks and all ESIL’s stakeholders,» it said. canada goose coats
Apart from ArcelorMittal, Russia’s VTB Group backed Numetal Ltd and mining baron Anil Agarwal led Vedanta are in the race to acquire Essar Steel.
The Resolution Professional, overseeing the auction of Essar Steel to recover over Rs 49,000 crore of unpaid loans had sent emails to all the three bidders to be present Monday for the canada goose outlet official opening of the second round of bids.
buy canada goose jacket This followed a National Company Law Appellate Tribunal’s (NCLAT) judgement last week on the eligibility of bids. It had ruled that Numetal’s Rs 37,000 canada goose jacket outlet sale crore second round bid for Essar Steel is valid, but asked rival bidder ArcelorMittal to clear Rs 7,000 crore dues of its previously associated firms within three days to qualify for the acquisition. buy canada goose jacket
Canada Goose online A two member bench of NCLAT headed by its Chairman Justice S J Mukhopadhaya in a 68 page order had asked lenders, who are auctioning Essar Steel to recover over Rs 49,000 crore of unpaid loans, to consider the second round bid of Numetal and mining baron Anil Agarwal led Vedanta. Canada Goose online
cheap canada goose uk ArcelorMittal’s bid will be considered if it pays dues by September 11. cheap canada goose uk
Canada Goose Outlet For ArcelorMittal India (AMI), which was the only other bidder besides Numetal canada goose outlet houston in the first round, the https://www.canadagoosejacketonlines.ca NCLAT held that it needs to remove the «stigma of defaulter» attached to it because of its previous 29 per cent canada goose outlet sale stake in Uttam Galva Steel and KSS Petron. Canada Goose Outlet
canada goose clearance sale The NCLAT held that the first round of bid by Russia’s VTB Group backed Numetal in February was ineligible canada goose outlet parka as the firm was 25 per cent owned by Rewant Ruia, scion of Essar Steel’s promoter Ruia family. But, he exited the firm before the second round of bid was submitted in March, making Numetal eligible. canada goose clearance sale
canada goose coats on sale Numetal and steel tycoon Lakshmi Mittal led canada goose outlet store toronto ArcelorMittal had in February submitted separate bids to take over Essar Steel. The Committee of Creditors (CoC), however, disqualified both bids saying their promoters were tied to companies, which canada goose outlet in new york were bank loan defaulters and so ineligible under Section 29A of the Insolvency and Bankruptcy Code. canada goose coats on sale
canada goose uk outlet The second round of bids was called where JSW Steel joined Numetal to put in a bid of Rs 37,000 crore, while Vedanta Ltd entered the fray as a third bidder. AMI too put in a bid. This cookie policy should be read together with our Privacy Policy. canada goose uk outlet
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