ArcelorMittal, which surpassed the one-time settlement offer of Essar promoters for 2×600 MW Mahan thermal power project in Madhya Pradesh, will submit its bid by April 22. The bid will then be opened for Essar to match the offer, bankers close to the development told FE.
ArcelorMittal had offered lenders `4,800 crore for the Mahan project, surpassing the Essar promoters’ one-time settlement offer of `3,500 crore in February.
“The ArcelorMittal offer was outside the bidding process, so it was not benchmarked. We had to call another round of bid to determine the market price for Mahan project. The last date for submission of bid is April 22 for ArcelorMittal, following which it will be opened for Essar to match the offer,” bankers said.
