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

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

“Vedanta (the company) has received the approval from the CCI for the application made by it for the acquisition of Electrosteel Steels,” the Indian unit of Vedanta Resources said in a filing to the BSE. In a tweet, the CCI said it found “no Appreciable Adverse Effect on Competition (AAEC) in respect of proposed acquisition of Electrosteel Steels by Vedanta”.

The The National Company Law Tribunal (NCLT) had last month approved the resolution plan 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 Bankruptcy Code (IBC).