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Vedanta submits highest offer for Electrosteel - Report

2018-01-09

Economic Times, citing two people aware of the matter, reported that Vedanta has submitted the highest bid for bankrupt Electrosteel Steels. As per report “The other bidders were Tata Steel, Renaissance Group promoted by Abhishek Dalmia and an overseas fund backed by Edelweiss.”

The process is being run in accordance with the Insolvency and Bankruptcy Code (IBC). Dhaivat Anjaria of PwC is the resolution professional in charge of the Electrosteel insolvency process.

Electrosteel faces claims of around INR 10,000 crore from financial creditors, rising to INR 13,000 crore if interest and penalties are added.

Electrosteel is among the 12 companies that RBI had asked banks in June to immediately refer to bankruptcy court.

Source : Economic Times