Vedanta wins bid to acquire Electrosteel Steels in an insolvency auction1 min read . Updated: 31 Mar 2018, 07:55 PM IST
Vedanta in a BSE filing says it has been declared as the successful resolution applicant by the committee of creditors for Electrosteel Steels and has received a Letter of Intent (LoI)
New Delhi: Anil Agarwal group-owned Vedanta on Saturday said it has won the bid to acquire bankrupt Electrosteel Steels Ltd in an insolvency auction.
“Vedanta Limited hereby informs that it has been declared as the successful resolution applicant by the committee of creditors (CoC) for Electrosteel Steels Ltd under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code, 2016 and has received a Letter of Intent (LoI) today," the company said in a BSE filing.
Vedanta said it has accepted the terms of the LoI. The closure of the transaction will be subject to compliance with applicable regulatory requirements and as per the final terms approved by the National Company Law Tribunal, it added.