JSW Steel Ltd. has acquired a 26 percent stake in the India arm of Numetal Mauritius to facilitate its joint bid for Essar Steel Ltd., currently undergoing insolvency resolution.
While the Mauritius-based holding company is the resolution applicant for Essar Steel, the resolution plan will be implemented through the India entity Nu Metal & Steel Pvt Ltd., two people in the know told BloombergQuint on the condition of anonymity.
On Monday, Numetal Mauritius submitted a fresh resolution plan for Essar Steel under the rebidding process initiated by the committee of creditors. The plan involves the takeover and turnaround of Essar Steel through Nu Metal & Steel, in which JSW Steel will be a shareholder. So, while Numetal Mauritius is th…
Read the full article at: https://www.bloombergquint.com/insolvency/2018/04/03/jsw-steel-buys-26-in-numetals-india-arm-to-facilitate-essar-steel-bid
