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 Electrosteel is set to achieve the best ever production of 1.4 million tonnes in FY20. You can read more here: Vedanta wins bid to acquire Electrosteel Steels. 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. They Alloted ESL shares to Vedanta against VSL shares. Vedanta acquired the bankrupt Electrosteel Steels in 2018. NCLT Kolkata already approved Merger of Vedanta Star Limited with Electrosteel Steels Limited. ... o Sesa Sterlite merger & Vedanta Group Simplification Vedanta Ltd had last week deposited an upfront amount of Rs 53.20 billion (Rs 5,320 crore) also in the escrow account of Electrosteel Steels Ltd. Electrosteel Castings Limited (ECL) is a pioneer in the production of Ductile Iron Pipes in India, with a strong presence in over 70 countries across the globe. 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. In 2018 Vedanta Limited acquired control of Electrosteels Steels Limited. Vedanta, as part of its forward integration strategy, acquired the bankrupt Electrosteel Steels in 2018. It is held 50.1% by Vedanta Resources Ltd, which is based out of London, UK. In September 2018 the company announced that Anil Agarwal would be taking Vedanta Resources private on 1 October 2018. The company has finalised two plans for now. 13/03/2020 04:25:58 PM Share: May 30, 2018, allowed Vedanta Limited to acquire Electrosteel Steels Limited (ESL) by depositing the upfront payment to the Committee of Creditors. 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. NEW DELHI: Anil Agarwal group-owned Vedanta today said it has won the bid to acquire bankrupt Electrosteel Steels Ltd in an insolvency auction. 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). We are run by a unified board and management. In June 2018, Vedanta acquired 90% stake in Electrosteel Steels, a steel producer. Vedanta Limited is the Indian subsidiary of Vedanta Resources Plc, a London-listed company. Know more. 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. Vedanta wins bid to acquire Electrosteel Steels NEW DELHI: Anil Agarwal group-owned Vedanta today said it has won the bid to acquire bankrupt Electrosteel Steels Ltd in an insolvency auction. “Vedanta Limited hereby informs that it … The bidders for Electrosteel, included Tata Steel, a fund-backed by Edelweiss, Vedanta Resources and Renaissance Steels. Davis Polk is advising Lazard & Co., Limited as sponsor to Vedanta Resources plc on the acquisition by its Indian listed subsidiary, Vedanta Limited, of Electrosteel … Vedanta has said Electrosteel Steels Limited that was acquired in 2018 has recorded an improvement in operational performance with EBITDA margins of over $100 per tonne in Q4 FY20. at March 31, 2018. Recently, the National Company Law Tribunal approved the merger of the company with Vedanta Star Limited. DI Pipes and Fittings. 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). Vedanta, as part of its forward integration strategy, acquired the bankrupt Electrosteel Steels in 2018. On 11 April 2017, Cairn India merged with Vedanta Limited to consolidate its position as one of the largest diversified natural resources companies in the world. 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. MUMBAI, India, May 30, 2018 /PRNewswire/ -- The National Company Law Appellate Tribunal (NCLAT) has vide its order dated today i.e. “NCL Gives approval to Vedanta VSL merger with Electrosteel Steel Ltd” Vedanta Ltd. on 4th Feb, 2020 said the National Company Law Tribunal, Kolkata Bench, has approved the scheme of amalgamation of its arm Vedanta Star Ltd. with Electrosteel Steels Ltd. Post the amalgamation becoming effective, Vedanta will directly hold 95.48% in ESL. 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. Vedanta Resources - Update by Vedanta Ltd on Electrosteel Steels - Proactiveinvestors (UK) Vedanta Ltd on Tuesday said the National Company Law Tribunal, Kolkata Bench, has approved the scheme of amalgamation of its arm Vedanta Star Ltd with Electrosteel Steels Limited (ESL). Vedanta Limited: Update on Electrosteel. Abhishek Dalmia’s The Renaissance Group and an Edelweiss fund have also submitted separate binding bids for Electrosteel, the report said, citing two people aware of the development. Internationally certified superior quality DI Pipes and Fittings. The merger took place in August 2013 and the consolidated group was then called Sesa Sterlite Ltd (now Vedanta Limited). Post the amalgamation becoming effective, Vedanta will directly hold 95.48 per cent in ESL. Vedanta is a diversified metals, mining, power, and oil-and-gas company. Our corporate goal is to create long-term shareholder value through research, discovery, acquisition, sustainable development and utilisation of natural resources. Vedanta Limited is the Indian subsidiary of Vedanta Resources Plc, a London-listed company. Vedanta said it has accepted the terms of the LoI. London-based Vedanta Resources Ltd holds 50.1% stake in the company. Vedanta Star Ltd has acquired management control of Electrosteel Steels Ltd," a filing by Electrosteel Steels said. After Merger the new entity will get new face and will rename as “Vedanta Steel Limited” or other name which approve by board. Bokaro, Jharkhand, India. Vedanta Resources Limited is the holding company for Vedanta Limited and Konkola Copper Mines, which in turn have multiple subsidiaries. Vedanta is a diversified metals, mining, power, and oil and gas company. Recently, the National Company Law Tribunal approved the merger of the company with Vedanta Star Limited. So Within Next 2-3 months picture will be clear what happens next. The first is debottlenecking existing assets and the second is to look into growth projects. Electrosteel Steels, which owes Rs 10,273.6 crore to its lenders, was among the 12 companies which the Reserve Bank of India had referred for insolvency proceedings. Electrosteel Steels had been constructing an integrated steel plant at Siyaljori in Jharkhand. Anil Agarwal group-owned Vedanta today said it has won the bid to acquire bankrupt Electrosteel Steels Ltd in an insolvency auction. Electrosteel's casting plant in West Bengal. DI Pipes Fittings & Special Other Products. Electrosteel Steels Limited ( Vedanta Group Co.) August 2018 – Present 1 year 3 months. 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 said it has accepted the terms of the LoI. Alloted ESL shares to Vedanta against VSL shares wins bid to acquire bankrupt Electrosteel Steels in 2018 Vedanta acquired... Simplification Vedanta Limited is the holding company for Vedanta Limited ) shares to against... 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