Two weeks ago, media reports had hinted that the tug-of-war between steel king LN Mittal and the Ruias over Essar Steel may end up seeing no winner. That’s because the legal and financial consultants advising the interim resolution professional (IRP) overseeing sale had reportedly recommended the rejection of both bids as being ineligible. Mittal’s company ArcelorMittal and Russia’s VTB Capital-backed Numetal Mauritius, the Ruia family’s last hope, have been waging a war of words ever since, along with churning out press releases highlighting their respective credentials and outlining their grand plans for Essar Steel. These two players are the only ones to have bid for the beleaguered company.
Yesterday, VTB Capital’s Vice Chairman …
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