Numetal acquires stake in OSPIL

New Delhi: Days before second round of bids come in for takeover of Essar Steel, Russia’s VTB Capital- backed NuMetal has snapped up a 70 per cent stake in Odisha Slurry Pipeline Infrastructure Ltd ( OSPIL), which feeds raw material to Essar’s Paradip steel plant. NuMetal, the Mauritius- based investment vehicle where Russia’s second largest bank VTB Group is a majority shareholder, will repay all of the about 2,200 crore debt of OSPIL to get the 70 per cent stake from the firm’s current promoter, SREI Infra, sources privy to the development said.