No buyer in fray for Electrosteel Steels; banks continue search

First International Group (FIG) and China's Laiwu Steel have called off a possible deal with the debt-stricken Electrosteel Steels, reports CNBC-TV18 quoting sources. The lenders of the company are scouting for a new promoter for Electrosteel that has been brought under the strategic debt restructuring scheme. Sources say the deal was dropped due to ambiguity over ultimate beneficiaries of FIG from the transaction.The company has to be declared a non-performing asset (NPA) in this quarter on account of the RBI's asset quality review that may pose a big challenge in finding a buyer for it.  Bankers are currently in talks with Dalmia Bharat Cements for buying a strategic stake in the company. Watch video for more details