Corporate

Vedanta best-suited to take over indebted Essar Steel, says Anil Agarwal

Mining baron Anil Agarwal has indicated that he is open to raising bid for acquiring Essar Steel, saying his flagship Vedanta Ltd is the best-suited to take over the indebted firm as it is an iron ore as well as natural gas producer – key ingredients for making steel. Agarwal said Vedanta’s Rs 350-360 billion offer in the first round of bidding for Essar Steel was the highest in the three-way race for Essar Steel that lenders are auctioning to recover about Rs 508 billion of overdue loans. NuMetal has said it will match the ArcelorMittal’s offer. The issue has reached the Supreme Court which asked ArcelorMittal and NuMetal to pay off loans for group companies in India to be eligible to bid for Essar Steel. Vedanta, he said, remains eligible with its first round of bids We are already in the ring, he said. Once the condition set by the Supreme Court are met, the Committee of Essar Steel Creditors will take a view on the bids received. As far as we are concerned, we are definitely interested but I never wanted to get into a fight. I have enough and I am happy. I have not gone to court. I have never made noise (on acquiring Essar Steel), he said.

Leave a Reply

Your email address will not be published. Required fields are marked *