ArcelorMittal places EoI for Srei

03 Oct 2022 CW Team

ArcelorMittal has submitted an EoI in an insolvency-driven process to acquire Srei Infrastructure Finance (SIFL) and Srei Equipment Finance (SEFL). While the entry of a steel company into the bidding war for struggling NBFCs surprised many, industry observers reportedly remember the year-long battle between the two companies. Srei Infrastructure had petitioned the Supreme Court in August to stop ArcelorMittal from acquiring its 253-kilometer slurry pipeline company Odisha Slurry Pipeline Infrastructure (OSPIL) through the insolvency process after a three-year battle. OSPIL was established as an entirely owned subsidiary of Essar and was later sold to a group of financial lenders, including Srei, for 40 billion. Srei Infra claims that ArcelorMittal India's resolution plan was discriminatory in its treatment of similarly situated secured and unsecured creditors; and because it was a secured financial creditor, it was treated differently than other similarly situated creditors such as banks. If ArcelorMittal's EoI is accepted by the resolution professional, it will be granted access to the data room for Srei Group companies. This, in turn, will aid ArcelorMittal's legal strategy in its Supreme Court battle.

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