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). Vedanta Limited: Update on Electrosteel. 13/03/2020 04:25:58 PM Share: The first is debottlenecking existing assets and the second is to look into growth projects. Bokaro, Jharkhand, India. Vedanta Limited is the Indian subsidiary of Vedanta Resources Plc, a London-listed company. Vedanta, as part of its forward integration strategy, acquired the bankrupt Electrosteel Steels in 2018. Vedanta Resources Limited is the holding company for Vedanta Limited and Konkola Copper Mines, which in turn have multiple subsidiaries. “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. 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. 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. Vedanta is a diversified metals, mining, power, and oil-and-gas company. It is held 50.1% by Vedanta Resources Ltd, which is based out of London, UK. Recently, the National Company Law Tribunal approved the merger of the company with Vedanta Star Limited. 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. Post the amalgamation becoming effective, Vedanta will directly hold 95.48 per cent in ESL. Vedanta said it has accepted the terms of the LoI. at March 31, 2018. We are run by a unified board and management. 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). The bidders for Electrosteel, included Tata Steel, a fund-backed by Edelweiss, Vedanta Resources and Renaissance 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. 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. 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. 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. The company has finalised two plans for now. DI Pipes and Fittings. 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. “Vedanta Limited hereby informs that it … So Within Next 2-3 months picture will be clear what happens next. 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). Anil Agarwal group-owned Vedanta today said it has won the bid to acquire bankrupt Electrosteel Steels Ltd in an insolvency auction. Electrosteel is set to achieve the best ever production of 1.4 million tonnes in FY20. Electrosteel Steels had been constructing an integrated steel plant at Siyaljori in Jharkhand. DI Pipes Fittings & Special Other Products. ... o Sesa Sterlite merger & Vedanta Group Simplification MUMBAI, India, May 30, 2018 /PRNewswire/ -- The National Company Law Appellate Tribunal (NCLAT) has vide its order dated today i.e. Recently, the National Company Law Tribunal approved the merger of the company with Vedanta Star Limited. 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. 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. In 2018 Vedanta Limited acquired control of Electrosteels Steels Limited. Vedanta said it has accepted the terms of the LoI. In September 2018 the company announced that Anil Agarwal would be taking Vedanta Resources private on 1 October 2018. They Alloted ESL shares to Vedanta against VSL shares. Internationally certified superior quality DI Pipes and Fittings. 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. May 30, 2018, allowed Vedanta Limited to acquire Electrosteel Steels Limited (ESL) by depositing the upfront payment to the Committee of Creditors. In June 2018, Vedanta acquired 90% stake in Electrosteel Steels, a steel producer. Vedanta, as part of its forward integration strategy, acquired the bankrupt Electrosteel Steels in 2018. After Merger the new entity will get new face and will rename as “Vedanta Steel Limited” or other name which approve by board. Know more. The merger took place in August 2013 and the consolidated group was then called Sesa Sterlite Ltd (now Vedanta Limited). NCLT Kolkata already approved Merger of Vedanta Star Limited with Electrosteel Steels Limited. London-based Vedanta Resources Ltd holds 50.1% stake in the company. You can read more here: Vedanta wins bid to acquire Electrosteel Steels. Electrosteel Steels Limited ( Vedanta Group Co.) August 2018 – Present 1 year 3 months. Our corporate goal is to create long-term shareholder value through research, discovery, acquisition, sustainable development and utilisation of natural resources. 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 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 is the Indian subsidiary of Vedanta Resources Plc, a London-listed company. 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 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. Electrosteel's casting plant in West Bengal. Vedanta is a diversified metals, mining, power, and oil and gas company. 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