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Insolvency: CCI approves Vedanta's acquisition of Electrosteel

The NCLT had last month approved the resolution plan submitted by Vedanta Ltd for Electrosteel Steels, making it the first among 12 large stressed accounts identified by RBI

Press Trust of India  |  New Delhi 

Vedanta Ltd

Vedanta on Monday said it had received the go-ahead from the (CCI) to acquire bankrupt Electrosteel Steels.

“Vedanta (the company) has received the approval from the for the application made by it for the acquisition of Electrosteel Steels,” the Indian unit of said in a filing to the BSE.

In a tweet, the said it found “no Appreciable Adverse Effect on Competition (AAEC) in respect of proposed acquisition of Electrosteel Steels by Vedanta”. The Law Tribunal (NCLT) had last month approved the submitted by Vedanta for Electrosteel Steels, making it the first among 12 large stressed accounts identified by the Reserve Bank of India (RBI) last year to undergo resolution under the Insolvency and Code (IBC).

First Published: Mon, May 14 2018. 21:51 IST
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