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Race for Essar Steel: ArcelorMittal writes letter to CoC, offers revised bid

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Steel giant ArcelorMittal has raised its bid for debt-laden Essar Steel in competition with Russia's VTB and Vedanta Resources. "The financial terms of the proposal are confidential, but represent a material increase to the previous offers made by the company," ArcelorMittal said in a statement. ET NOW's Ashwin Mohan from his sources that The revised bid, believed to be at Rs 42,000 crore, is more than Numetal's Rs 37,000 crore bid that was submitted in the second round.

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