ArcelorMittal to pay Rs 7,469 crore to clear Uttam Galva

ArcelorMittal to pay Rs 7,469 crore to clear Uttam Galva
18/10/2018 , by , in ALLIED

Terming Essar Steel as “unique and compelling opportunity” to gain foothold in India, steel giant ArcelorMittal said Wednesday it will pay Rs 7,469 crore to the creditors of Uttam Galva and KKS Petron to be eligible to acquire the debt-laden firm, as per Supreme Court order.

The Supreme Court on October 4 had granted one more opportunity to the world’s largest steelmaker ArcelorMittal and Russia’s VTB Capital-backed NuMetal to bid for Essar Steel if they clear their non-performing asset (NPA) dues of their related corporate debtors within two weeks.

Of the Rs 7,469 crore payment, around 80 per cent will be used to settle the dues of Uttam Galva and the rest 20 per cent for KSS Petron, the company said.

 

About admin

Loading...