 "Essar Steel")
With the National Company Law Appellate Tribunal (NCLAT) order on Essar Steel expected this week, bankers said they were hoping Numetal, ArcelorMittal, and Vedanta to revise their bids upwards — considering the rupee’s fall against the US dollar has boosted their bidding power.
Essar Steel was one of the top 12 companies identified by the Reserve Bank of India (RBI) for resolution under the Insolvency and Bankruptcy Code (IBC) 2016. Bankers said with a Rs 370-billion offer already on the table by Numetal of Russia, they were expecting bidders, including ArcelorMittal and Vedanta to revise their offers upwards.
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