ArcelorMittal has offered to pay Rs 7,000 crore to clear the entire dues of Uttam Galva and KSS Petron.
According to a company statement, ArcelorMittal has submitted a revised proposal to Essar Steel India Ltd’s Committee of Creditors for the acquisition of ESIL. Financial terms of the proposal are confidential, but represent a material increase to the previous offers made by the company.
The revised offer, which includes a commitment to pay the entire amount due to the financial creditors of Uttam Galva and KSS Petron, therefore represents unprecedented value to all concerned creditors. Through the revised offer, ArcelorMittal demonstrates its serious commitment to India, creditor banks and all ESIL’s stakeholders, the statement added.