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Vedanta gets regulatory nod for Electrosteel takeover


(Reuters) - Vedanta Ltd said on Tuesday it got approval from India's designated court for bankruptcy cases to acquire Electrosteel Steels Ltd.Electrosteel is the first to get approval from the National Company Law Tribunal (NCLT), among a dozen of the country's biggest loan defaulters which were pushed to bankruptcy proceedings last year.A Vedanta Ltd unit will buy debt-ridden Electrosteel for 18.05 billion rupees ($274.96 million) and provide additional funds worth 35.15 billion rupees, the company said in a statement. ( Ltd, the Indian unit of diversified ...

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First Published: Tue, April 17 2018. 19:27 IST