ArcelorMittal India-linked firm leads race to acquire Indian Steel Corp

An entity linked to ArcelorMittal India is the front runner for Indian Steel Corporation that was admitted for debt resolution by the bankruptcy court after proceedings were initiated by Bain Capital-Piramal Enterprises backed India Resurgence Asset Reconstruction Company, said people aware of the matter.Naveen Jindal-promoted 

Jindal Steel& Power is another bidder seeking to buy the steel company, people said.

Lenders to the steelmaker, admitted by tribunal last October, are hoping to receive at least about 40% of their dues, one of the persons said.The resolution professional, Ajay Joshi, received four expressions of interest last week of which A M Mining Pvt Ltd, an affiliate of ArcelorMittal India is one of the applicants, people said. Others include Jindal Steel & Power, Metro Global Pvt Ltd and Khandwala Finstock, they said.

 

ET