Electrosteel Acquisition Wins Tribunal Approval
04/17/2018 - Indian officials have approved ore miner Vedanta Resources' offer to acquire Electrosteel Steels Ltd., becoming the first of 12 companies forced into insolvency by India’s central bank to reach this stage.
In a statement, Vedanta said it will acquire the business for the equivalent of US$812.6 million in debt and equity. Electrosteel operates an integrated mill in the state of Jharkhand. It has an annual capacity of 1.5 million metric tons but could be increased to 2.5 million metric tons.
You can read Vedanta’s announcement here. The (India) Economic Times also has coverage here.
