Vedanta acquires management control of Electrosteel Steel

Vedanta announced that it has acquired Electrosteel Steel following requisite approvals the NCLT and Competition Commission of India. The company has initiated implementation of the resolution plan. The company has deposited the upfront amount of Rs 5320 crore in the escrow account of Electrosteel Steel.

The company has acquired management control and as per the provision of the resolution plan the company will hold 90% of the paid up capital of Electrosteel Steel.

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