Following media speculation, ArcelorMittal, the world's largest steel company, has confirmed that yesterday, 10 September 2018, it submitted a revised proposal to Essar Steel India Limited’s (ESIL) Committee of Creditors for the acquisition of the company. It has also confirmed that media reports speculating on the financial value of the revised offer are broadly accurate.
The revised offer includes a commitment to pay the entire amount due to the financial creditors of Uttam Galva and KSS Petron, which ArcelorMittal believes represents unprecedented value to all concerned.
According to ArcelorMittal, the revised offer also demonstrates its "serious commitment to India, creditor banks and all ESIL’s stakeholders".
The acquisition of ESIL provides ArcelorMittal with a "compelling opportunity to enter the high-growth Indian steel market and, should it prove successful with the proposed acquisition, ESIL will add significant strategic value to the group’s business".