Arcelor offers Rs 4,800 crore to Essar Mahan lenders

MUMBAI: ArcelorMittal has proposed a resolution offer of Rs 4,800 crore to lender of stressed Essar Mahan power project, over 37 per cent higher than offered by the promoter Essar Group. Essar Group has made a resolution offer of Rs 3,500 crore under OTS scheme for Essar Mahan, which is a 2×600 MW coal based power plant situated in Madhya Pradesh.

“We had earlier received a resolution offer of Rs 3,500 crore from the developer (Essar Group) himself for Essar Mahan under OTS scheme. But, now we have received an offer from ArcelorMittal for about Rs 4,800 crore,” PFC CMD Rajeev Sharma said.

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