No communication received from ArcelorMittal with regard to modalities of payment: Uttam Galva

ArcelorMittal had submitted a revised offer for Essar Steel which also included a commitment to pay Rs 7,000 crore dues to the financial creditors of Uttam Galva and KSS Petron to be eligible in the race to acquire the debt-laden firm.

Press Trust of India September 19, 2018 13:48:51 IST
No communication received from ArcelorMittal with regard to modalities of payment: Uttam Galva

New Delhi: Uttam Galva Steels Ltd Tuesday said it has not received any communication from ArcelorMittal with regard to modalities of payment.

On 10 September, ArcelorMittal moved the Supreme Court challenging the NCLAT order which held that Numetal's Rs 37,000 crore in the second-round bid for Essar Steel was valid.

No communication received from ArcelorMittal with regard to modalities of payment Uttam Galva

Representational image. AP image

The Luxembourg-based firm had submitted a revised offer for Essar Steel which also included a commitment to pay Rs 7,000 crore dues to the financial creditors of Uttam Galva and KSS Petron to be eligible in the race to acquire the debt-laden firm.

In a BSE filing, Uttam Galva Steels Ltd said "the company has not received any communication regarding the modalities of payment from ArcelorMittal." PTI

Numetal and steel tycoon Lakshmi Mittal-led ArcelorMittal had in February submitted separate bids to take over Essar Steel. The Committee of Creditors (CoC), however, disqualified both bids saying their promoters were tied to companies, which were bank loan defaulters and so ineligible under Section 29A of the Insolvency and Bankruptcy Code.

The second round of bids was called where JSW Steel joined Numetal to put in a bid of Rs 37,000 crore, while Vedanta Ltd entered the fray as a third bidder. ArcelorMittal India (AMI) too put in a bid.

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