Global steel giant ArcelorMittal has announced that it has submitted a revised proposal to the bankrupt Indian steelmaker Essar Steel India Limited’s (Essar Steel) committee of creditors for the acquisition of the company.
Accordingly, ArcelorMittal has raised its bid to about INR 420 billion ($5.8 billion) from its earlier bid of around INR 305 billion.
The company stated that it believes Essar Steel provides it with a compelling opportunity to enter the high-growth Indian steel market and, should it prove successful with the proposed acquisition, Essar Steel will add significant strategic value to the group’s business.