Will pay Rs 42,000 crore upfront for Essar Steel: ArcelorMittal to NCLAT

The statement made by ArcelorMittal is similar to the one made by Essar Steel India Limited's Committee of Creditors last week

Steel company ArcelorMittal on Monday told the National Company Law Appellate Tribunal (NCLAT) it will pay upfront Rs 42,000 crore it had placed as bid for debt-laden Essar Steel India Limited.

The amount will also include a payment of Rs 2,500 crore as guaranteed working capital adjustment, said senior advocate Harish Salve, who appeared for ArcelorMittal.

As Essar Steel had made a profit of Rs 3,495 crore since August 2017, when it was admitted into corporate insolvency process, an extra amount of Rs 1,000 crore over and above the working capital would also be given to the financial creditors, Salve