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Essar Steel bid - ArcelorMittal offers INR 4,554 crore to settle dues of Uttam Galva and KSS Petron

Steel News - Published on Wed, 17 Oct 2018

Image Source: Moneycontrol
Money Control reported that ArcelorMittal, in a letter to lenders of Essar Steel, has offered to pay INR 4,554 crore to settle dues of Uttam Galva Steels and KSS Petron. ArcelorMittal's mail was in response to a letter from the Committee of Creditors consisting of Essar Steel's lenders. In its reply to the CoC, ArcelorMittal has calculated the interest payable on the principal loan up to February 7, in the case of Uttam Galva and February 9 in the case of KSS Petron. The LN Mittal-company had sold its stake in the two companies on these two days. According to the above formula, says ArcelorMittal, the outstanding dues of Uttam Galva Steels amount to INR 3,987 crore, while those of KSS Petron amount to INR 567 crore.

The offer comes after the Supreme Court, in its October 4 order, had asked ArcelorMittal and Numetal to clear dues to become eligible to bid for Essar Steel. The court had given both companies two weeks to comply.

ArcelorMittal was a significant shareholder in both Uttam Galva and KSS Petron, before it divested its shareholding in them in February.

Source :

Posted By : Sanju Moirangthem on Wed, 17 Oct 2018
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