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The Committee of Creditors has postponed the voting on ArcelorMittal’s bid to acquire Essar Steel after a technical glitch with the e-voting system.
The voting will now happen on Thursday. ArcelorMittal had emerged the top bidder with a ₹50,000-crore bid, including ₹8,000-crore capital infusion into Essar Steel.
ArcelorMittal has offered to pay ₹42,000 crore to the lenders. The company had recently agreed to pay ₹7,469 crore to clear the default of UttamGalva Steel and KSS Petron in which it had held substantial stake.
Meanwhile, the Supreme Court is yet to decide on whether to allow VTB Bank to go solo for Essar Steel asset. VTB Bank is lead partner in the Numetal consortium but links with Essar Steel’s erstwhile promoters has made their bid questionable.
Having agreed to pay-off Uttam Galva debt in totality, ArcelorMittal is now eyeing to take over the company.
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