 "Essar Steel")
Armed with legal opinion from top lawyers and Supreme Court judges, senior officials of Russia’s VTB Bank are visiting India next week to seek support for a bid to take over Essar Steel.
Numetal Mauritius, majority-owned by VTB, has made the bid. Essar Steel has also attracted an offer from ArcelorMittal, the world’s largest in the sector.
Essar Steel is undergoing bankruptcy proceedings at the National Company Law Tribunal (NCLT). It had it failed to repay dues worth Rs 440 billion.
According to a source, VTB officials will meet lenders, resolution professionals and government officials, on their investment plan. The
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