Vedanta eyeing more stressed steel assets

Vedanta had submitted an EoI for the unlisted Bhushan Power & Steel, and emerged as a qualified bidder

Vedanta is looking to up its ante in the battle for stressed steel assets, albeit a little late.

The natural resources conglomerate had submitted an expression of interest (EoI) for Electrosteel Steels. However, according to sources the EoI came 10 days after the last date of submission, which was October 9.

“The EoI is not being accepted,” the sources said. The qualified bidders for Electrosteel Steels are Srei Infrastructure Finance, Tata Steel, Mesco Steel, Edelweiss, Avalokiteshvar Valinv Ltd and Electrosteel Castings. Technically, however, it would be possible for Vedanta to align with any of the qualified bidders, the sources indicated. 

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