ArcelorMittal Executive: Our Offer for Essar Steel Is 'Very Competitive'
02/27/2018 - ArcelorMittal, one of the two companies vying for Essar Steel, is confident that it can turn around the distressed steelmaker, Brian Aranha, executive vice president and global strategy head, tells the (India) Economic Times in an interview.
“We have done it in Poland. We have done it in Ukraine. We have done it in Kazakhstan. We have done it in many places, where different cultures and different organizations existed as well as different political climates," he said.
Essar Steel is one of a dozen debt-laden Indian companies forced into insolvency proceedings by India’s central bank.
The company’s resolution professional is weighing ArcelorMittal’s offer along with one from an entity called Numetal, which includes Russia’s VTB Bank and Rewant Ruia, son of Essar co-founder Ravi Ruia.
