Global steel giant ArcelorMittal has made an offer of Rs 4,800 crore for Essar Power's 1,200 Mw project at Mahan in Madhya Pradesh, according to Power Finance Corporation (PFC).

Government-owned PFC is one of the lenders to the project, part of its portfolio of stressed assets. It is seeking a one-time settlement. The Arcelor offer, it says, is higher than Essar Power's settlement offer of Rs 3,500 crore.

“The lenders will meet to consider the ArcelorMittal offer, which works out to Rs 4 crore a Mw,” said Rajeev Sharma, chairman and managing director of PFC.

The officials concerned at both Essar Power and ArcelorMittal declined to comment on queries from this publication.

This would be the second time ArcelorMittal and the Essar group will find themselves competing for the latter’s asset. Arcelor had earlier bid for Essar Steel. PFC hopes to resolve around 30 per cent of its stressed asset portfolios outside National Company Law Tribunal (NCLT) proceedings.

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