Global steel giant ArcelorMittal and Japan-based Nippon Steel are planning to put in a joint bid for bankrupt Indian steelmaker Essar Steel, according to a report by India-based The Economic Times.
Both companies had initially planned to submit separate bids for Essar Steel, whose assets are expected to be auctioned in the second week of February.
Accordingly, Nippon Steel - which does not have any presence in India - is relying on ArcelorMittal's familiarity with India regulations, while for ArcelorMittal, the partnership would mean more financial power to buy the company.
Tata Steel, Vedanta Resources and Essar's promoters, Ravi Ruia and Anshuman Ruia, in partnership with Russia's VTB Capital are expected to be the other contenders in the race for the troubled steelmaker.