• Sunday, August 14, 2022

Business

Vedanta wins bid to buy bankrupt Electrosteel Steels

By: Sarwar Alam

Vedanta Ltd, the Indian unit of diversified mining group Vedanta Resources plc, said on Saturday (31) it had won in an auction to acquire bankrupt Electrosteel Steels Ltd. Electrosteel Steels, which is setting up a 2.5 million tonnes a year steel plant in eastern India, is among India’s 12 biggest loan defaulters which were pushed to bankruptcy proceedings last year. The company had received claims totaling 133 billion rupees from its creditors. Vedanta said in a statement late on Saturday it had received and accepted a letter of intent from Electrosteel Steels’ creditors’ group, led by top lender State Bank…

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