ArcelorMittal Submits Revised Bid For Acquisition Of Indian Steel Firm

ArcelorMittal has submitted a revised proposal to acquire the assets of Essar Steel India Limited (ESIL). The company confirmed that the proposal was submitted to the ESIL Lenders Committee on September 10, 2018. The initial proposal for ESIL was submitted on February 12 this year. The revised offer demonstrates its commitment to purchase the assets of the Indian company, ArcelorMittal said in a press release.

According to ArcelorMittal, the new proposal increases the bid price by nearly 38% and also includes a full payment commitment due to financial lenders Uttam Galva Steel and KSS Petron, thus providing unprecedented value to all interested lenders.

The acquisition of ESIL gives Luxembourg-based ArcelorMittal the opportunity to enter the highly developed Indian steel market. The acquisition is expected to add significant strategic value to the group's global business portfolio. Moreover, it represents a great opportunity for ESIL, its employees and its communities.