Lenders declare ArcelorMittal highest bidder for Odisha Slurry Pipeline

Lenders pick ArcelorMittal over Thriveni Earthmovers

ArcelorMittal has emerged the preferred bidder for Odisha Slurry Pipeline Infrastructure (OSPIL). At a meeting of the committee of creditors on Friday, lenders declared ArcelorMittal the highest (H1) bidder, according to the head of a public sector bank with exposure to the company.

Lenders favoured ArcelorMittal’s upfront offer for the slurry pipeline. “Arcelor’s offer was better than Thriveni’s,” said the lender. Thriveni Earthmovers made a surprise offer at Rs 4,000 crore recently. It’s not clear whether Arcelor, which had earlier offered Rs 2,350 crore, revised or improved the bid. ArcelorMittal didn’t comment.

Thriveni had sought a waiver from furnishing a letter of