After steel, ArcelorMittal eyes Ruias’ EPC business
The takeover battle between Lakshmi Mittal of ArcelorMittal and the Ruia family of the Essar Group has intensified. After Essar SteelNSE 0.00 %, ArcelorMittal has opened another flank and expressed interest in acquiring the group’s EPC Constructions India from ongoing insolvency proceedings, said people with knowledge of the matter.
ArcelorMittal, the world’s biggest steelmaker, picked up expression-of-interest documents last week. The other potential suitors for EPC Constructions are New Delhibased Alchemist ARC and Mauritius-based Royale Partners Investment Fund (RPIF), the people said. “ArcelorMittal is keen to expand Essar Steel’s capacity to 20 million tonnes. EPC Constructions has been involved in building the Hazira facility along with other associated infrastructure, so it can offer additional synergies,” said an official.
The resolution professional of EPC Constructions is expected to invite proposals at the end of September, after which financial bids are to be submitted, the people said.