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Essar Steel has posted healthy EBIDTA (earnings before interest, tax, depreciation and amortisation) of around Rs 2,000 crore during the insolvency period and the amount could be utilised by financial creditors against their outstanding dues, one of the operational creditors has claimed..
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ArcelorMittal will pay nearly Rs 50,000 crore for Essar Steel buyout, an upfront payment of Rs 42,000 crore to settle debt and a further Rs 8,000 crore for capital injection into the company. ArcelorMittal is the world’s leading steel and mining company, with a presence in 60 countries and an industrial footprint in 18 countries.
The Essar Steel acquisition will give ArcelorMittal control of India’s largest single-location flat steel mill in Hazira, Gujarat, with a nameplate capacity of 10 million tonnes per annum. The asset also has two iron ore pelletisation plants, at Visakhapatnam and Paradip, and a downstream steel hub in Pune, close to a automobile manufacturing hub.