Electrosteel Steels

Vedanta bought the firm under IBC in 2018 and recently put on the block, as it wanted to focus on its core business; bidders' current issue is with plant site in Jharkhand

"But it has to have world-class capacity, and cannot be a small plant. We have a capacity of about 3 million tonnes (mt)... we are contemplating. We have to take it to 15-20 mt"

Mining giant says priority is to finish doubling capacity of company it acquired in June 2018

The steel plants acquired via IBC process include Bhushan Steel, Essar Steel, Electrosteel Steels, Monnet Ispat & Energy Ltd and Bhushan Power & Steel

The fund will also target companies restructuring under India's bankruptcy regime, the people said

The second of a four-part series on IBC takes a look at how Vedanta restored faith of suppliers and customers and updated products to turn around the stressed plant

Electrosteel had a planned capacity of 2.5 mt, but the commissioned capacity was 1.5 mt

As per regulatory norms, the company was obligated to submit its audited financial results for quarter and year ended March 31, 2018, within 60 days that is by May 30, 2018

In March, Vedanta was declared as successful resolution applicant by committee of creditors for Electrosteel Steels

Earlier this month, NCLAT admitted the petition of Renaissance Steel challenging Vedanta's bid for debt-ridden Electrosteel

Electrosteel acquisition would complement the Group's existing iron ore business, which comprises mining operations in Karnataka and Goa and a pig iron plant in Goa

Apart from Vedanta, Tata Steel, Renaissance Steel, Edelweiss Asset Reconstruction had also submitted resolution plans

The value of the bid is Rs 53.20 bn, against admitted claims worth Rs 133 bn

An independent assessment of Tata Steel and Vedanta 's eligibility was done and they were found to be eligible

The four companies who had bid for Electrosteel Steels - Vedanta, Tata Steel, Edelweiss and Renaissance Steel India

A PwC partner has been appointed as the interim resolution professional for the company

Jindal Drilling bought 9.16 million shares of Electrosteel Steels at Rs 4.1 per share on the NSE via block deal