ArcelorMittal offers Rs 45 billion to be eligible for Essar Steel bid

ArcelorMittal has offered to pay around Rs 45 billion as overdue loans of Uttam Galva Steels and KSS Petron to become eligible to bid for Essar Steel, currently going through the insolvency process.

The amount calculated for Uttam Galva is Rs 39.87 billion and for KSS Petron Rs 5.67 billion.

ArcelorMittal declined to comment on the matter.

However, negotiations with lenders on the final amount to be paid are on and were likely to end on Tuesday night, indicated people close to the development.

The offer made by ArcelorMittal to the committee of creditors (CoC), on October 11, includes only the principal and interest.