In a recent bid to buy Essar steel, Vedanta group has joined as a party interested to buy the Essar group, now a total of 3 parties are taking the effort to acquire Essar steel. Three bidders, including two new players, have submitted resolution plans after lenders called for fresh bids in Essar Steel Ltd.’s insolvency process.
These include a joint venture between ArcelorMittal India and Nippon Steel & Sumitomo Metal Corp, Nu Metal & Steel Pvt. Ltd, in which JSW Steel is an investor, and the Vedanta Group, according to two people in the know who spoke to media.
Of the three, ArcelorMittal-Suitomo JV had participated in the earlier bidding as well. Numetal, a VTB-led consortium had participated but in a different avatar – Numetal Mauritius – that included Rewant Ruia as minority investor. In this rebid, Numetal has dropped Ruia and acquired a new partner in JSW Steel.
According to a report. the NCLT has asked the Committee of Creditors and the Resolution Professional to not open the bids till the hearing in the petitions filed by both Numetal and ArcelorMittal challenging the rejection of their earlier bids.