Rs 52,000 crore deal! Debt-laden Essar Steel set to be sold to ArcelorMittal
Luxembourg-based ArcelorMittal and its consortium will cough up Rs 52,000 crore to take over Ruia-promoted Essar Steel and Odisha Slurry Pipeline Infrastructure, two sources close to the development said.
The negotiations to set up a resolution plan with the committee of creditors (CoC) took place over the weekend, a source said. The lenders to Essar Steel will vote on this resolution plan today. Image Source: Reuters