VTB-led consortium offers to match Arcelor's $5.8b bid for India's Essar Steel

VTB-led consortium offers to match Arcelor's $5.8b bid for India's Essar Steel

A worker walks past coils of rolled steel at the Jindal Stainless Ltd. factory in Hisar, Haryana, India, on Tuesday, May 15, 2018. Photographer: Udit Kulshrestha/Bloomberg

A VTB Capital-led consortium has offered to match ArcelorMittal’s 420 billion rupee ($5.8 billion) bid for Essar Steel India Ltd., heating up the long drawn battle for the biggest steel mill being sold under India’s new bankruptcy law.

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