ArcelorMittal emerges as sole bidder for Essar's EPC Constructions India

ArcelorMittal emerged as the sole-bidder for Essar Group firm, EPC Constructions India Ltd, with a bid of ₹500 crore, against outstanding loans of ₹7,268 crore, said two bankers aware of the bid. The first banker, requesting anonymity, said that the company has also promised to bring some equity into EPC Constructions if they win the bid, but lenders were not happy with the offer and want more cash upfront. “A discount of above 90% is not acceptable to them.”