Tyazhpromexport JSC, a shareholder in Numetal which has bid for Essar Steel, is confident of scripting a quick turnaround of the distressed assets if it emerges as the highest bidder.

TPE is a leading engineering agency in Russia in ferrous and non-ferrous metallurgy project operations and construction with experience of over 60 years and wholly owned by Rostec, a $19 billion Russian state Corporation.

Luxembourg-headquartered ArcelorMittal is the only other bidder for Essar Steel’s assets and has bid aggressively as its attempts to get a foothold in the fast-growing Indian steel market over the last 10 years have failed.

TPE says it will carry out studies for installation of new facilities in order to maximise production from the profitable routes and optimise production from the loss making lines.

Ismail Mazanaev, Managing Director, TPE India said that with its rich technical experience and strong financial capability the new management would ensure Essar remains one of the key players in the steel industry.