Tata Steel, Numetal Mauritius, Nippon Steel, Vedanta Group, Arcelor Mittal and SAIL had submitted EoIs in the initial round of Essar Steel auction. Mumbai: A day after rejecting bids from Numetal Mauritius Ltd and ArcelorMittal, lenders to Essar Steel Ltd reiterated they were not planning to invite new bidders for the debt-laden company, according to two people familiar with the development. The EoIs were submitted by Tata Steel Ltd, Numetal Mauritius, Nippon Steel & Sumitomo Metal Corp., Vedanta Group, Arcelor Mittal and Steel Authority of India Ltd (SAIL). Mint had reported on Wednesday that JSW Steel Ltd may bid for the stressed asset if lenders permits new bidders. Essar Steel is one of the 12 bad loan accounts referred by the Reserve Bank of India for early resolution under the insolvency code.

Source: Mint March 22, 2018 20:37 UTC