VTB intent on investing in Essar Steel, says head of the Russian financial group

VTB Group maintains its intention to invest in the Indian steel company Essar Steel, the head of VTB Andrei Kostin told reporters on Friday on the sidelines of the Russian-Indian business summit.

Mr Kostin is part of a Russian business delegation accompanying President Putin during his ongoing visit to India.

His remarks assume significance since it comes barely a day after the Supreme Court gave its judgement on eligibilty of two rival bidders in the Essar Steel auction.


“Our goal remains the same. Yesterday, the Supreme Court made certain decisions, lawyers are now studying. Depending on the decision we will determine our future strategy and tactics. The finalization of the transaction depends on the decision of the Indian courts, so this saga will continue for some time, ” he said according to Russian wire reports.

VTB entered the consortium of investors in early 2018, which had plans to invest in Essar Steel, the fourth largest steel producer in India and undergoing bankruptcy proceedings.

Later ArcelorMittal, also appealed in court to the participation of a consortium led by VTB in the purchase of Essar Steel India Ltd.