Banks to vote on new bidders for debt-laden Essar Steel on Friday

The consortium of Indian lenders, led by State Bank of India, are set to vote on a proposal on Friday whether to allow new bidders for Essar Steel or not in the second round. If the voting goes in favour of allowing new bidders, then JSW Steel is likely to make a bid by joining a consortium of private equity players, said a source close to the development.

On Wednesday, the committee of creditors had rejected both the bids by ArcelorMittal and Numetal for the steel company as both failed to clear the legal eligibility test.

Corporate lawyers said by