India: LN Mittal-led ArcelorMittal revises Essar Steel bid to $5.8b

ArcelorMittal, the world’s largest steel maker, has revised its bid to buy debt-laden Essar Steel for Rs42,000 crore, according to a person aware of the development that Mint spoke with. The company has also committed to pay Rs7,000 crore to settle the dues of Uttam Galva and KSS Petron, in which the Luxembourg-based steel producer is classified as promoter.