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    HomeNewsBusinessVedanta wins bid to acquire Electrosteel Steels

    Vedanta wins bid to acquire Electrosteel Steels

    Anil Agarwal group-owned Vedanta said it has won the bid to acquire bankrupt Electrosteel Steels in an insolvency auction.

    March 31, 2018 / 19:46 IST
    A bird flies by the Vedanta office building in Mumbai August 16, 2010. India-focused miner Vedanta Resources said it will buy 51-60 percent of Cairn India for about $8.5-9.6 billion in cash to be funded via debt and cash resources, a move that would represent Vedanta's first foray into oil and gas, and help Edinburgh-based Cairn Energy fund an expensive drilling programme in Greenland. REUTERS/Danish Siddiqui (INDIA - Tags: BUSINESS ENERGY) - RTXSAAV

    Anil Agarwal group-owned Vedanta said it has won the bid to acquire bankrupt Electrosteel Steels in an insolvency auction.

    "Vedanta hereby informs that it has been declared as the successful resolution applicant by the committee of creditors (CoC) for Electrosteel Steels under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code, 2016 and has received a Letter of Intent (LoI) today," the company said in a BSE filing.

    Vedanta said it has accepted the terms of the LoI. The closure of the transaction will be subject to compliance with applicable regulatory requirements and as per the final terms approved by the National Company Law Tribunal, it added.

    first published: Mar 31, 2018 07:20 pm

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