Live
- To become the youngest world champion is truly a great feat: Gill congratulates Gukesh
- Case Filed Against Allu Arjun Under Four Sections
- Remembering A Visionary Leader.
- CREDAI Bengaluru seeks govt support for E-Khata issues
- Driverless Namma Metro nets revenue of `230 crore even before its launch
- Uber launches women-only bike rides in Bengaluru
- Allu Arjun Arrested in Shocking Sandhya Theater Incident! Here’s What Happened
- Allu Arjun Arrested in Sandhya Theatre Stampede Case
- Gemini Update: Search and Summarize Google Drive Folders Easily
- Air ambulance for health emergencies: Helipad to come up in Victoria Hospital
Vedanta eyeing minority stake in Electrosteel Steels
Highlights
NRI billionaire Anil Aggarwal-led Vedanta is eyeing a minority stake in debt-laden Electrosteel Steels Ltd, sources have said.\"There has been initial talks in this matter between Vedanta and Electorsteel, however nothing is finalised yet,\" a person privy to the matter said.
NRI billionaire Anil Aggarwal-led Vedanta is eyeing a minority stake in debt-laden Electrosteel Steels Ltd, sources have said."There has been initial talks in this matter between Vedanta and Electorsteel, however nothing is finalised yet," a person privy to the matter said.
.jpg)
When contacted, a Vedanta spokesperson said, "We are a London-listed company. We have our own limitations and we cannot comment on this now."
Electrosteel has been under corporate debt restructuring scheme since 2013 with a debt of more than Rs 6,000 crore.
A source in Kolkata-based Electrosteel also confirmed that discussions were underway for a deal with Vedanta.
"A round of discussions on this matter has already happened. Recently, the promoters group infused some money into the company and the rest is likely to be raised by the minority stake sale which will help to pare the debt," he said.
The company has a small unit in Bokaro with half a million tonne production capacity.
While a spokesperson for Electrosteel could not be reached despite repeated attempts, the company in a recent regulatory filing has denied any discussion for sale of the company.
The stock exchanges had sought clarifications from Electrosteel Steels following media reports that Tata Steel and Vedanta were looking to buy the company due to its debt burden of Rs 6,000 crore.
In its reply to the stock exchanges, Electrosteel had denied "any action/discussion as contemplated in the media report with regard to sale of the company".
When contacted, a Tata Steel spokesperson refused to comment.
Earlier in January, Anil Agarwal had said he wants to invest over USD 30 million in India if the investment climate remains positive.
Next Story
ADVERTISEMENT
