An entity linked to ArcelorMittal India is the front runner for Indian Steel Corporation that was admitted for debt resolution by the bankruptcy court after proceedings were initiated by Bain Capital Piramal Enterprises backed India Resurgence Asset Reconstruction Company. Naveen Jindal promoted Jindal Steel & Power is another bidder seeking to buy the steel company and the resolution professional, Ajay Joshi, received four

expressions of interest last week of which A M Mining, an affiliate of ArcelorMittal India is one of the applicants.

Naveen Jindal Promoted Jindal Steel & Power Is Another Bidder Seeking To Buy The Steel Company And The Resolution Professional

ArcelorMittal India has acquired two steel companies Essar Steel in December 2019 and Uttam Galva Steel in June 2021, both under the bankruptcy route. Also, Arcelor Mittal partnered with Nippon Steel to acquire Essar Steel for Rs.42,000 crore. Arcelor Mittal Nippon Steel's group chief executive Aditya Mittal stated that the company wants to be at the ‘forefront of supporting the rapid and sustained rise in steel consumption in India’. Indian Steel's verified financial creditors' claim stood at Rs.2,704 crore, according to the disclosure made by the RP.