# Vedanta wins auction to acquire bankrupt Electrosteel Steels

Vedanta Ltd, the Indian unit of Vedanta Resources, has won an auction to acquire bankrupt Electrosteel Steels Ltd. The transaction is part of India's bankruptcy law process, and financial details were not disclosed.

- Type: Acquisition
- Announced: 2018-03-31
- Where: Bokaro, India, India
- Value: $812.6M (53.2B INR)
- Status: announced
- Capacity: 1.5 million tonnes per annum (MTPA)
- Products: steel
- Sectors: [Steel and Metal Products](https://endata.com/sectors/steel-metal-products.md)

## Companies

- [Vedanta](https://endata.com/companies/10003.md) (acquirer)
- [Electrosteel Steels Ltd](https://endata.com/companies/31044.md) (target)

## Sources

- [marketscreener.com](https://www.marketscreener.com/quote/stock/ELECTROSTEEL-STEELS-LTD-9743831/news/Electrosteel-Steels-Vedanta-wins-bid-to-buy-bankrupt-Electrosteel-Steels-26263929/), 2018-03-31: "Vedanta Ltd, the Indian unit of diversified mining group Vedanta Resources plc, said on Saturday it had won in an auction to acquire bankrupt Electrosteel Steels Ltd."
- [thehindu.com](https://www.thehindu.com/business/Industry/vedanta-resolution-plan-for-electrosteel-gets-approval-from-nclt/article23575448.ece), 2018-04-17: "This is the first case of non-performing assets which has reached the final resolution out the 12 accounts referred by the RBI to NCLT."
- [prnewswire.com](https://www.prnewswire.com/news-releases/vedanta-limiteds-resolution-plan-for-acquisition-of-electrosteel-steels-limited-approved-by-national-company-law-tribunal-300631435.html), 2018-04-17: "National Company Law Tribunal, Kolkata Bench, has today approved the terms of the Resolution Plan submitted by the Company, to acquire Electrosteel Steels Limited."
- [asianage.com](https://www.asianage.com/business/companies/030518/lenders-to-get-76-pc-in-electrosteel-after-vedanta-takeover.html), 2018-05-03: "Mining baron Anil Agarwal-led Vedanta Resources plc, which owns 50.1 per cent of Mumbai-listed Vedanta Ltd, has sought shareholders nod for the takeover of Electrosteel Steels Ltd for a total consideration of Rs 5,320 crore."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.