Calcutta: Numetal’s partners may buy out Rewant Ruia’s stake in the consortium pitching for Essar Steel if the latter is found to be ineligible to bid for stressed assets under the provisions of the Insolvency and Bankruptcy Code (IBC).
Rewant, the younger son of Essar Group founder and promoter Ravi Ruia, holds a 25 per cent stake in Numetal through a Mauritius-based investment trust Aurora Enterprises, while VTB, TPE and Indo International hold the rest.
The Ruias are also said to be open to the idea of opting out of the consortium if the situation demands.
Numetal, where Russia’s second largest bank VTB holds a majority stake (40 per cent), has informed the resolution professional that if any of…
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