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Billionaire Lakshmi Mittal’s ArcelorMittal has cut a cheque of Rs 7,000 crore to clear the dues of its associate companies and to make itself eligible by law to bid for bankrupt Essar Steel. Rival bidder Numetal, which has one of the Ruia family members as a stakeholder, is challenging the banks’ direction to pay up, said three people familiar with the action.

posted by Sangeeta Bose / 07:35:01 on 16 May

Read more at The Economic Times