Mumbai : Numetal,the SPV floated by private equity arm of Russian lender VTB Bank and Rewant Ruia, a Ruia family member, has claimed that its bid for Essar Steel has “solid legal backing” and if need be, “the other shareholders will buy out Rewant’s” 25 per cent stake in the company.

The shareholders of the Mauritius-based Numetal, a special purpose vehicle that focuses on steel and infra space along with manufacturing, are VTB Capital, the private equity arm of the Russian state-owned VTB Bank; Russian steel and engineering major TPE.

Other promoters are Indo International, a Dubai-based steel trading firm promoted by an NRI, and the Aurora Trust in which Rewant Ruia, the son of one of the Essar Group promoters Ravi Ruia, is a beneficiary and owns 25 per cent in Numetal. VTB Capital owns majority in Numetal.

“If public perception is a challenge because of Rewant Ruia’s minority stake in Numetal, we’re ready to change that,” Antoine Chemali, a senior advisor at Numetal Mauritius, said.

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