ArcelorMittal SA said yesterday that it would pay 74.69 billion rupees ($1.01 billion) to creditors of two Indian companies in which it previously held stakes, in order to make its acquisition offer valid for Essar Steel, another debt-ridden Indian steel firm, Reuters reported. ArcelorMittal will clear overdue debt of steel firm Uttam Galva Steels and oil and gas pipeline construction services provider KSS Petron, two companies in which the world’s largest steelmaker held stakes until earlier this year. The move comes two weeks after India’s top court said that ArcelorMittal’s bid for Essar Steel would become valid only if the acquirer cleared outstanding debt of Uttam Galva Steels and KSS Petron.
