MUMBAI: Essar Steel lenders have agreed to the loan fixing plan proposed by Arcelor Mittal. This is the largest bid for loan fixing plan so far. This bid is worth around Rs 42,000 crore. The Essar Steel Committee of Creditors is now required to obtain approval from the National Company Law Tribunal.
Recently, the Committee of Creditors examined the loan scheme of ArcelorMittal and Vedanta Group. These two companies have reached the end of the bids so far. Nomatel Mauritius did not qualify for a bid. Essar Steel is expected to be the reason for the last promoters in the company.
ArcelileMittal has proposed a loan plan of Rs 38,000 crore. But after that Rs. 42,000 crore. A banker said that there will be no further bidding.