 "Essar Steel")
The Singapore-based trust that owns a 25 per cent stake in Numetal, the bidder for Essar Steel, has offered to sell its stake to other shareholders of Numetal if the trust is found ineligible to participate in the bid.
Rewant Ruia, son of Essar group promoter Ravi Ruia, is the beneficiary of the trust. The offer to exit from Numetal has been made in the bid proposal submitted by Numetal, according to a source close to the development.
VTB Bank of Russia and another Russian partner own a 75 per cent stake in Numetal and, if needed, they will raise their stake
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