October 4, 2018 / 6:11 AM / 7 months ago

India's apex court allows ArcelorMittal, NuMetal to bid for Essar Steel -TV

Oct 4 (Reuters) - India’s Supreme Court on Thursday allowed ArcelorMittal SA and NuMetal to bid for debt-ridden Essar Steel after paying outstanding dues within two weeks, television channels said.

The world’s largest steelmaker, which recently raised its bid for Essar Steel, is forming a joint venture with Japan’s Nippon Steel & Sumitomo Metal Corp in competition with NuMetal, a company led by Russian lender VTB, and Vedanta Resources. (Reporting by Sharnya G in Bengaluru; Editing by Sunil Nair)

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