Metal and mining giant Vedanta has acquired the management control of debt-laden Electrosteel Steels.
In March, Vedanta was declared as successful resolution applicant by the committee of creditors (CoC) for Electrosteel Steels under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code, 2016.
“…Vedanta 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.
Source: Business-Standard