ArcelorMittal, the world's biggest steel maker is making a play for Sprng Energy, Indian renewable platform of Actis, as the steelmaker looks at cleaner energy sources to decarbonise production around the world and in India, said people aware of the development. This arguably is the first time in India a steel producer is looking at such large M&A opportunities in green energy. Steel production is source of up to a tenth of global carbon-dioxide emissions.ArcelorMittal joins the buyout race to compete with Royal Dutch Shell, Adani Group, Singapore's Sembcorp Energy, and Canadian pension fund CPPIB after Macquarie, another initial contender chose to opt out of this potentially $2 billion transaction (enterprise value) which saw 17 initial contenders, the sources mentioned above added.
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