MUMBAI (Reuters) - Steel giant ArcelorMittal SA (AS:MT) has raised its bid for India's debt-laden Essar Steel in competition with Russia's VTB (MM:VTBR) and Vedanta Resources (L:VED).
"The financial terms of the proposal are confidential, but represent a material increase to the previous offers made by the company," ArcelorMittal said in a statement.