Ruias take Russian tie-up route for Essar Steel bid

Russian financial services company VTB Capital is joining hands with the Essar promoters — the Ruia group — to bid for Essar Steel, it is learnt. 

The Ruias have submitted an expression of interest for Essar Steel along with a letter of comfort from VTB Capital, the investment arm of the VTB Group. Details of the shareholding and structure of the consortium would be worked out at the time of putting up a non-binding bid, said sources close to the development. 

The last date for submitting an expression of interest for Essar Steel, currently going through the Reserve Bank of