ArcelorMittal, JSW Steel's bids for steel assets cleared

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SME Times News Bureau | 21 Sep, 2018
The Competition Commission of India (CCI) on Thursday said it has no objection to ArcelorMittal's and JSW Steel's proposed bids to acquire debt-ridden Essar Steel and Bhushan Power, respectively.

"CCI India finds no appreciable adverse effect on competition in respect of ArcelorMittal and Nippon Steel and Sumitomo Metal's proposed acquisition of Essar Steel," the fair trade regulator tweeted.

ArcelorMittal-led consortium including Nippon Steel and Sumitomo Metal has offered Rs 42,000 crore for Essar Steel, which is significantly higher than Rs 37,000 crore bid submitted by Numetal, a consortium led by Russia's VTB Bank.

The financial creditors claim on bankrupt Essar Steel, currently undergoing insolvency proceedings, is to the tune of Rs 50,000 crore. Third company in the race for Essar Steel is Vedanta Resources.

In another tweet, the regulator said, "CCI India finds no appreciable adverse effect on competition in respect of JSW Steel's proposed acquisition of Bhushan Power & Steel Limited."

Earlier last month, the CCI cleared Tata Steel for proposed acquisition of Bhushan Power saying it will not impact competition in the sector.