ArcelorMittal bids Rs 48 billion to acquire Essar's 1200 megawatt power plant

ArcelorMittal bids Rs 48 billion to acquire Essar's 1200 megawatt power plant

Essar's creditors are selling many of the group's assets to recover billions of dollars of loans, leaving Essar Group with little say over who buys the assets.

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A coal-fired power plant of Essar PoweA coal-fired power plant of Essar Powe
Reuters
  • Feb 19, 2019,
  • Updated Feb 19, 2019 8:32 AM IST

ArcelorMittal SA, the world's biggest steelmaker, has bid 48 billion rupees ($673 million) to acquire Essar's 1200 megawatt power plant in central India, one of the most prized assets in the debt-ridden group's power portfolio.

The bid for the power plant once again pits ArcelorMittal chief Lakshmi Mittal against the Ruia family, who are already fighting to prevent their flagship steel asset from falling into the hands of the global steel giant.

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ArcelorMittal SA, the world's biggest steelmaker, has bid 48 billion rupees ($673 million) to acquire Essar's 1200 megawatt power plant in central India, one of the most prized assets in the debt-ridden group's power portfolio.

The bid for the power plant once again pits ArcelorMittal chief Lakshmi Mittal against the Ruia family, who are already fighting to prevent their flagship steel asset from falling into the hands of the global steel giant.

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