ArcelorMittal is exploring a joint offer with Resurgent Power Ventures to take over an Essar Power generation plant.
The companies have held preliminary talks on a potential joint bid for 1,200 MW power plant in the state of Madhya Pradesh.
ArcelorMittal had previously made a non-binding offer of Rs 4,800 crore (USD 690 million) for the asset.
The power plant in Madhya Pradesh, which supplies electricity to Essar Steel, will boost ArcelorMittal’s attempts to gain a foothold in the country.