After six months long painstaking insolvency proceedings and due diligences, the Rs 43,000 crore debtor Essar Steel has received just two bids— from ArcelorMittal and Numetal Mauritius— on Monday. Though ArcelorMittal did due diligence for Bhushan and Essar, it reserved its final bid for the latter, pushing the industry to guess that it’s a sizable offer. The bid of Numetal is going to be the game changer as it is the last attempt of the Ruia family, the promoters of Essar group companies, to win back their flagship company.
Numetal is a consortium, fronting the interests of Ruias, in which Russian bank VTB holds the majority stake. Rewant Ruia, the son of co-founder Ravi Ruia, holds a minority stake in the consortium. The bids will…
Read the full article at: https://www.businesstoday.in/current/economy-politics/will-ruias-challenge-insolvency-proceedings-if-numetal-gets-disqualified/story/270580.html
