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ArcelorMittal to place bids for Essar’s Mahan thermal power project

Thursday, 18 Apr 2019
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ArcelorMittal will submit its bids for two x 600 MW Mahan thermal power project in Madhya Pradesh by 22 April 2019. Following this, the bid will then be opened for Essar to match the offer.

ArcelorMittal had offered lenders Rs 4,800 crore for the Mahan thermal power project, surpassing the one-time settlement offer of Rs 3,500 crore of Essar promoters in February 2019.

ArcelorMittal is also in process of acquiring Essar Steel, which was taken to the National Company Law Tribunal (NCLT) for non-payment of dues.

In September 2018, ICICI Bank, the lead lender for the project, had moved NCLT seeking initiation of insolvency proceedings against Essar Power MP. Essar Power MP owes the consortium of lenders around Rs 5,300 crore.

However, following the apex court order maintaining a status quo on relief to power companies from the RBI circular on 12 February 2019, lenders have decided to resolve the issue outside NCLT.

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