ArcelorMittal (ENXTAM: MT) has proposed a resolution offer of INR 4.8 billion to Power Finance Corporation Limited (NSEI:PFC) (PFC) for Essar Power Limited's Essar Mahan power project, over 37% higher than offered by the promoter of Essar Global Holdings Limited (Essar Group). Essar Group has made a resolution offer of INR 3.5 billion under one time settlement (OTS) scheme for Essar Mahan. "We had earlier received a resolution offer of INR 3.5 billion from the developer (Essar Group) himself for Essar Mahan under OTS scheme.

But, now we have received an offer from ArcelorMittal for about INR 4.8 billion," Power Finance Corporation's Chairman and Managing Director, Rajeev Sharma, told reporters here. Besides PFC, other lenders to Essar Mahan are ICICI Bank Limited (NSEI:ICICIBANK), which is the lead