Bidding wars: Numetal reveals Rs 370 billion new offer for Essar Steel

Numetal is also offering Rs 20 billion for Odisha Slurry Pipeline Infrastructure

VTB-backed Numetal on Thursday disclosed in the National Company Law Appellate Tribunal (NCLAT) that its bid value in the second round of bidding for Essar Steel is Rs 370 billion, short of double its first offer of Rs 190 billion, and about Rs 65 billion higher than ArcelorMittal’s bid in the first round.

If the bid values of the two companies are compared, Numetal’s bid value in the second round at Rs 430 billion (including capital infusion) is higher than ArcelorMittal’s first offer by Rs 45 billion. ArcelorMittal’s bid in the second round, however, is not known.

Counsel representing Numetal,