Vedanta acquisition of Electrosteel on hold after bid is challenged

An attempt by commodities conglomerate Vedanta Resources to acquire bankrupt Indian pipemaker Electrosteel Steels has been delayed after a challenge from another steelmaker, industry sources told Metal Bulletin on Tuesday April 3.

Vedanta announced in a filing to the Bombay Stock Exchange (BSE) on March 31 that it had been chosen as the successful applicant by the committee of creditors for Electrosteel Steels under India’s Insolvency & Bankruptcy Code (IBC). But a petition launched by fellow pipe and fittings maker...

Published

Lee Allen

April 03, 2018

18:05 GMT

London