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Vedanta acquires management control of Electrosteel Steels

Vedanta Ltd had last week deposited an upfront amount of Rs 53.20 billion

Press Trust of India  |  New Delhi 

Vedanta acquires management control of Electrosteel Steels

Metal and mining giant has acquired the management control of debt-laden Electrosteel Steels.

In March, was declared as successful resolution applicant by the (CoC) for Electrosteel Steels under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code, 2016.

"...Star Ltd has acquired management control of Electrosteel Steels Ltd," a filing by Electrosteel Steels said.

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.

First Published: Mon, June 11 2018. 14:15 IST
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