electrosteel steels vedanta merger

electrosteel steels vedanta merger

In September 2018 the company announced that Anil Agarwal would be taking Vedanta Resources private on 1 October 2018. Electrosteel Steels had been constructing an integrated steel plant at Siyaljori in Jharkhand. This investment will be a part of the company’s overall USD 8-billion (about Rs 56,000 crore) capex plan over the next 3 years, according to vedanta chairman Navin Agarwal. Vedanta Limited: Update on Electrosteel. New Delhi: Metals and mining giant Vedanta Ltd on Monday said it has got the go-ahead from fair trade watchdog CCI to acquire the bankrupt Electrosteel Steels Ltd. Know more. Recently, the National Company Law Tribunal approved the merger of the company with Vedanta Star Limited. Vedanta said it has accepted the terms of the LoI. It is held 50.1% by Vedanta Resources Ltd, which is based out of London, UK. The first is debottlenecking existing assets and the second is to look into growth projects. Vedanta, as part of its forward integration strategy, acquired the bankrupt Electrosteel Steels in 2018. Vedanta, as part of its forward integration strategy, acquired the bankrupt Electrosteel Steels in 2018. On May 11, 2018, CCI approved the acquisition of 90% of the equity share capital of Electrosteel Steels Limited (‘ESL’) by Vedanta Limited (‘Vedanta’) pursuant to a resolution plan under the Insolvency and Bankruptcy Code 2016 (‘IBC’), dated March 29, 2018 entered into between the parties. Vedanta Star Ltd has acquired management control of Electrosteel Steels Ltd," a filing by Electrosteel Steels said. Electrosteel Steels Limited ( Vedanta Group Co.) August 2018 – Present 1 year 3 months. 13/03/2020 04:25:58 PM Share: Vedanta's operations include copper, iron ore, aluminium assets at Jharsuguda and Lanjigarh in Odisha, and power (2400-MW and 1215-MW captive power plants for the aluminium business). Post the amalgamation becoming effective, Vedanta will directly hold 95.48 per cent in ESL. DI Pipes Fittings & Special Other Products. Vedanta Ltd had last week deposited an upfront amount of Rs 5,320 crore also in the escrow account of Electrosteel Steels Ltd. Vedanta acquires management control of Electrosteel Steels Vedanta Limited's operations include copper, iron ore, aluminium assets at Jharsuguda and Lanjigarh in Odisha and power divisions (2400-MW and 1215-MW captive power plants for the aluminium business). Electrosteel's casting plant in West Bengal. We are run by a unified board and management. Vedanta is a diversified metals, mining, power, and oil-and-gas company. Vedanta Limited is the Indian subsidiary of Vedanta Resources Plc, a London-listed company. Metals and mining giant vedanta will spend around USD 300-400 million in recently acquired Electrosteel Steels to expand its capability to 2.5 million tonnes each year (mtpa), a prime company official aforementioned. In a battle for taking over insolvent Electrosteel Steels, lenders to the steel producer on Thursday decided to go ahead with Vedanta, rejecting objections raised by the Renaissance Steel on the eligibility of the former to bid for the debt-laden company. DI Pipes and Fittings. The National Company Law Appellate Tribunal (NCLAT) on Wednesday allowed Vedanta Ltd to make an upfront payment of Rs 5,320 crore to lenders for acquisition of Electrosteel Steels. Mining billionaire Anil Agarwal’s Vedanta Group and the diversified Tata Group are among the bidders in race to buy debt-laden Electrosteel Steels Ltd, The Economic Times reported. You can read more here: Vedanta wins bid to acquire Electrosteel Steels. The merger took place in August 2013 and the consolidated group was then called Sesa Sterlite Ltd (now Vedanta Limited). Anil Agarwal group-owned Vedanta today said it has won the bid to acquire bankrupt Electrosteel Steels Ltd in an insolvency auction. 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