Sources told that the Anil Agarwal led Vedanta may make another attempt at buying Essar Steel. But this time, it won't be alone but may partner Sajjan Jindal JSW Steel. Meanwhile t he two companies may come together and put in a joint bid of about Rs 47,000 crore, said an industry executive. The executive said "But a final call is yet to be taken".



Presently ArcelorMittal's bid of Rs 42,000 crore has found backing from Essar Steel lenders. Furthermore the Ruias, through their holding company Essar Steel Asia Holdings, had submitted a proposal of Rs 54,000 crore, but the lenders haven't taken it up, and the courts have also turned down Ruias request. Meanwhile Vedanta, which had submitted an Expression of Interest for Essar at the starting of the auction, had earlier submitted a bid in the second round. But later, the second round was called off by the National Company Law Tribunal (NCLT).

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Moreover JSW Steel has been vocal about its interest in Essar Steel. Earlier, it had teamed up with Numetal, the VTB Bank led consortium, to submit a bid in the second round. The Jindal Company can't put in a sole bid, despite giving such an offer to the lenders, as it hadn't submitted an expression of interest.


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