ArcelorMittal emerges as the highest bidder in the race for Essar Steel

The Laxmi N Mittal-owned ArcelorMittal on Friday emerged as the highest bidder in the race for Essar Steel, pipping Vedanta in the process. 

Earlier on Friday, Uttam Galva said that ArcelorMittal had approved a payment of Rs 74.69 billion to the financial creditors of the company.

"ArcelorMittal has approved payment to the secured financial creditors of the Company to clear its overdue debts in order that the offer ArcelorMittal submitted for Essar Steel India Limited (ESEL) on April 2, 2018, is eligible," Uttam Galva said in a regulatory filing.

Essar Steel lenders are likely to put the ArcelorMittal proposal for voting early next week, according to ET report.

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