TOKYO -- ArcelorMittal, the world's biggest steelmaker, has submitted a new bid for India's bankrupt Essar Steel after a first round of offers was rejected, attempting a joint acquisition with Japanese partner Nippon Steel & Sumitomo Metal.
An Indian subsidiary of ArcelorMittal entered the re-bidding process on Monday, the partners said.
A winner is expected in late April. If they prevail, ArcelorMittal and the Japanese market leader would control India's fourth-largest steelmaker, which has large works in the western state of Gujarat.
Competitors include London-based metal company Vedanta Resources and a partnership between Russian financial group VTB and Indian market leader JSW Steel, according to Reuters.
A panel of Essar creditors dismissed ArcelorMittal's bid in the previous round in February, saying its past involvement in managing a local steelmaker that had willfully defaulted on debt precluded it from participating under Indian law.
For the new bid, Luxembourg-headquartered ArcelorMittal is "confident we are eligible; we are confident we have the strongest track record," Chairman and CEO Lakshmi Mittal said in a news release on Monday.
The sole opposing bidder in February's round -- Numetal Mauritius, a special-purpose company in which VTB is a major investor -- was also deemed ineligible.
Nippon Steel said in early March that it had agreed to form a joint venture with ArcelorMittal to buy Essar. The purchase is expected to cost several billion dollars, with the Japanese steelmaker possibly shouldering more than 100 billion yen ($944 million).