Lakshmi Mittal meets Jaitley on Essar Steel bid, conveys 'serious interest'

Essar Steel has about Rs 500 billion in dues to banks and is presently unable to pay

Lakshmi Mittal, promoter of the world's largest steelmaking company, ArcelorMittal, said there had been no communication on any of their bid for Essar Steel. And, that he had conveyed 'serious interest' in acquiring the financially beleaguered Ruia company in a meeting with Union finance minister Arun Jaitley on Friday.

"I think we can create value in Essar Steel with our experience," said Mittal. The meeting came two days after reports that ArcelorMittal and Numetal Mauritius had been disqualified from bidding under the insolvency resolution process.

Mittal wouldn't comment on Numetal's bid. The latter stated on Friday that it had given a "compelling