In a last-minute surprise, ArcelorMittal Nippon Steel India Ltd. has expressed interest to buy Srei Group’s non-bank lenders under the bankruptcy law, according to two people in the know.
The expression of interest, submitted late last night, is an unsolicited entry by the Luxembourg-based steelmaker’s India arm, the people told BQ Prime on the condition of anonymity.
Earlier this month, financial creditors to Srei Infrastructure Finance Ltd. and Srei Equipment Finance Ltd. had restarted the bidding process for two bidders who were participating in the insolvency proceedings.
The bidders—a consortium between Varde Partners and Arena Investors, as well as consortium led by U.K.-based entrepreneur Shon Randhawa—had been given an extended opportunity to submit revised bids after they had failed to submit earnest money deposit previously.
The creditors are yet to decide whether they can allow the entry of a new bidder in the current scenario, the people quoted above said.
CNBC TV-18 first reported about ArcelorMittal’s EOI late Wednesday.
ArcelorMittal has declined to comment on BQ Prime’s emailed queries on Thursday. Srei Group’s administrator didn’t immediately respond.