Debt

Debt financing

ArcelorMittal India-linked firm leads race to acquire Indian Steel Corp

Economic Times  

An entity linked to ArcelorMittal India is the front runner for Indian Steel Corporation that was admitted for debt resolution by the bankruptcy court after proceedings were initiated by Bain Capital-Piramal Enterprises backed India Resurgence Asset Reconstruction Company. Lenders to the steelmaker, admitted by tribunal last October, are hoping to receive at least about 40% of their dues. The resolution professional, Ajay Joshi, received four expressions of interest last week of which A M Mining Pvt Ltd, an affiliate of ArcelorMittal India is one of the applicants. Others include Jindal Steel & Power, Metro Global Pvt Ltd and Khandwala Finstock. Naveen Jindal-promoted Jindal Steel & Power is another bidder seeking to buy the steel company.