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ArcelorMittal's Essar Steel win spells loss for Gujarat

Monday, November 5, 2018, 12:31 PM

The Gujarat government is set to lose as-much-as Rs.1,150Cr if the dedicated bankruptcy court upholds the committee of creditors' recommendation to accept the resolution plan of ArcelorMittal to acquire Essar Steel Ltd, said two senior officials close to the development. These dues are classified as operational creditors and ArcelorMittal's proposal has not made any provision for payment to such creditors, they said, requesting anonymity.

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