Former ArcelorMittal S.A. (ENXTAM:MT) ArcelorMittal Executive Jai Saraf is discussing a potential bid for Vedanta Limited (NSEI:VEDL)'s steel business, ESL Steel Limited, with private credit funds, according to multiple people in the know. London-based Saraf, who used to be an executive member of the Mittal Steel board, is looking to build a consortium that could include Nithia Capital Resources Advisors LLP, a fund he Co-Founded in 2010, and certain financial investors, the people said.