Posted inIndia, South Asia

Arcelor, Tata keen to buy India’s debt-laden Essar Steel

Troubled steelmaker Essar Steel Ltd, which owes nearly Rs 450 billion (US$ 6.93 billion) to banks and has been identified for insolvency action by India’s central bank, has attracted initial interest from five large metal firms. They include ArcelorMittal, Sumitomo Corporation, Vedanta Resource Plc, Tata Steel Ltd. and Steel Authority of India Ltd. The Ruias, […]