After Emerging as the highest bidder for Essar Steel, global giant, ArcelorMittal, aims to complete the "negotiations as swiftly as possible" with the debt-laden firm's creditors committee.

The Lakshmi N Mittal-owned company, which is the world's largest steel maker, has been locked in a murky legal battle with other bidders, especially Russian VTB Bank-promoted NuMetal to take over Essar Steel, under the insolvency proceedings.

The company has been trying for long to enter India but has not succeeded so far. It had announced over a decade back to set up two plants - with 12 million tonnes per annum capacity each — in Jharkhand and Odisha, which could not be materialised.

"Now, look forward to completing negotiations as swiftly as possible", the company said after it emerged as the highest bidder for Essar Steel late last night.

Earlier, Mittal, Chairman and CEO of ArcelorMittal, told PTI in an interview that he would be surprised if the world's largest steelmaker with sound financials and strong technology will be declared ineligible to participate in the bid for Essar Steel.

Last night, the CoC of Essar Steel declared the firm as the preferred bidder for Essar Steel.

"ArcelorMittal confirms it has been informed by the Committee of Creditors (CoC) for Essar Steel India Limited (ESIL) that it has been evaluated to be the H1 Resolution Applicant (the preferred bidder) in the corporate insolvency resolution process for ESIL," ArcelorMittal said in a statement last night.

The company said it will now enter into further final negotiations with the CoC.

Essar Steel was among the 12 companies referred by the RBI for insolvency proceedings.

ArcelorMittal, earlier this week has said it will pay Rs 7,469 crore to the creditors of Uttam Galva and KKS Petron to be eligible to acquire the debt-laden firm, as per the Supreme Court order.

The Supreme Court on October 4 had granted one more opportunity to ArcelorMittal and NuMetal to bid for Essar Steel if they clear their non-performing asset (NPA) dues of their related corporate debtors within two weeks.