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