Ruias set to win back control of Mahan Power as ArcelorMittal bid falters

The Ruias of Essar Group are set to wrest back control of their 1,200-Mw Mahan Power project in Madhya Pradesh after a rival bid from ArcelorMittal failed to meet expectations of the lenders.   L N Mittal-owned ArcelorMittal had made a non-binding bid of Rs 4,800 crore for the company in December last year, pending its own due diligence. As against this, the Ruias had made an upfront cash offer of Rs 3,450 crore as one-time settlement. After its due diligence, ArcelorMittal revised its offer and attached fresh conditions to the bid, citing high contingent liability of the.....

Key stories on are available to premium subscribers only.

Already a premium subscriber?

Subscribe to get an across device (Website, Mobile Web, Iphone, Ipad, and Android Phone applications) access to Premium content, Breaking News alerts, Industry Newsletters, Stock and Corporate news alerts, access to Archives and a lot more.