scorecardresearch
Wednesday, Sep 28, 2022
Premium

JSW wants to bid for Essar Steel on its own

On October 4, the apex court gave both Numetal and ArcelorMittal a final chance to clear their “taint of disqualification” by clearing the dues to their respective creditors that they were associated within two weeks.

JSW Steel, Essar Steel bidding, Insolvency and Bankruptcy Code, NCLAT, NuMetal, essar steel, ArcelorMittal, ArcelorMittal dues deadline, business news, Indian express The VTB Capital-led Numetal would be eligible to bid for Essar Steel, provided the company pays off its dues of Rs 49,000 crore. (Reuters/File)

JSW Steel wants to go solo in the race for bankrupt steelmaker Essar Steel. JSW Steel had earlier bid for Essar Steel together with Numetal. Given the Supreme Court has already outlined the way forward after hearing all the arguments under the Insolvency and Bankruptcy Code (IBC), it would appear the steelmaker must approach the apex court for permission to throw its hat in the ring.

MV Seshagiri Rao, joint managing director, JSW Steel, said on Tuesday that the company was seeking legal opinion on whether it would be eligible to bid for Essar Steel together with ArcelorMittal, Numetal and Vedanta. “It depends upon the legal opinion which we get and the views of the committee of creditors and the resolution professional (RP). If they take a positive view, then we are open to look at it. We are seeking a legal opinion and based on that opinion we will take a call,” Rao said.

The VTB Capital-led Numetal would be eligible to bid for Essar Steel, provided the company pays off its dues of Rs 49,000 crore. While ArcelorMittal is understood to have agreed to pay Rs 42,000 crore, Numetal’s bid for Essar Steel is believed to be in the region of Rs 37,000 crore. Vedanta is willing to pay a slightly smaller sum of around Rs 35,000 crore.

On October 4, the apex court gave both Numetal and ArcelorMittal a final chance to clear their “taint of disqualification” by clearing the dues to their respective creditors that they were associated within two weeks.—FE

Subscriber Only Stories
Catching up with the mega fauna in Africa on the translocation of the che...Premium
Dibang hydel project: Arunachal says no land for national park, NGT drops...Premium
15 stations, 14 km: Shimla aims to decongest roads with ropeway transitPremium
Vijay Rupani interview: ‘The legislature party meeting is merely a ...Premium

First published on: 10-10-2018 at 03:35:00 am
Next Story

Rajasthan elections: What did BJP do for the poor, farmers, asks Rahul Gandhi

Latest Comment
Post Comment
Read Comments
Advertisement
Advertisement
Advertisement
Advertisement