MUMBAI: Steel giant ArcelorMittal has proposed a resolution offer of Rs 4,800 crore to lender of stressed Essar Mahan power project, over 37 percent higher than offered by the promoter Essar Group.
Essar Group has made a resolution offer of Rs 3,500 crore under one time settlement (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,” Power Finance CorporationNSE 1.74 %’s (PFC) chairman and managing director, Rajeev Sharma, told reporters here.
