Vedanta wants to sell Electrosteel 4 years after purchase
Steel

Vedanta wants to sell Electrosteel 4 years after purchase

Four years after picking up Electrosteel Steels Ltd to mark its entry into the steel industry, the Anil Agarwal-led Vedanta Group has decided to sell the business. This will help it to focus on its core mining and industrial businesses and deleverage the balance sheet, which had a debt of $11.7 billion at March-end.

The group has reportedly approached steel companies such as ArcelorMittal Nippon Steel (AMNS), Tata Steel, JSW and Jindal Steel and Power. Top executives like ArcelorMittal chief executive Aditya Mittal have also visited the site in recent weeks.

Vedanta Group said it did not want to comment on market speculation. ArcelorMittal Nippon Steel and JSW declined to comment.

“We don’t have any acquisitions under evaluation currently,” Tata Steel CFO Koushik Chatterjee told The Economic Times.

Vedanta beat Tata Steel, whose facilities are next to Electrosteel, to take over ESL for Rs 53.20 billion in 2018, after the creditors took the ailing steelmaker to the insolvency process, and it became the second steel company to see completion of the bankruptcy process after Tata Steel took control of Bhushan Steel in April 2018.

Electrosteel Steels was a subsidiary of Electrosteel Castings. Upon taking over, Vedanta delisted the company.

See also:
CPP Investments commits Rs 18.50 bn to Kotak infra fund
Hindalco Industries Q2 profit tumbles 35


Four years after picking up Electrosteel Steels Ltd to mark its entry into the steel industry, the Anil Agarwal-led Vedanta Group has decided to sell the business. This will help it to focus on its core mining and industrial businesses and deleverage the balance sheet, which had a debt of $11.7 billion at March-end. The group has reportedly approached steel companies such as ArcelorMittal Nippon Steel (AMNS), Tata Steel, JSW and Jindal Steel and Power. Top executives like ArcelorMittal chief executive Aditya Mittal have also visited the site in recent weeks. Vedanta Group said it did not want to comment on market speculation. ArcelorMittal Nippon Steel and JSW declined to comment. “We don’t have any acquisitions under evaluation currently,” Tata Steel CFO Koushik Chatterjee told The Economic Times. Vedanta beat Tata Steel, whose facilities are next to Electrosteel, to take over ESL for Rs 53.20 billion in 2018, after the creditors took the ailing steelmaker to the insolvency process, and it became the second steel company to see completion of the bankruptcy process after Tata Steel took control of Bhushan Steel in April 2018. Electrosteel Steels was a subsidiary of Electrosteel Castings. Upon taking over, Vedanta delisted the company. See also: CPP Investments commits Rs 18.50 bn to Kotak infra fundHindalco Industries Q2 profit tumbles 35

Next Story
Resources

Madhya Pradesh Champions Inclusive Tourism at Heritage Sites

On the occasion of World Heritage Day, Madhya Pradesh is taking a significant step toward inclusive tourism by making its historical sites accessible to all — especially persons with disabilities. The state is rolling out its ‘Accessibility Infrastructure and Development’ project at Maheshwar, Mandu, Dhar, and Orchha, aiming to create a more welcoming experience at these iconic cultural destinations.The initiative, under the leadership of Chief Minister Dr Mohan Yadav and Tourism Minister Shri Dharmendra Bhav Singh Lodhi, includes infrastructure upgrades such as ramps, Braille signage, w..

Next Story
Resources

Runwal Realty Onboards Sonam Kapoor as Brand Ambassador

Real estate major Runwal has unveiled a refreshed identity as Runwal Realty, signalling a renewed commitment to crafting spaces that stand the test of time. With this refresh, the brand unveils its new philosophy: “Building for Generations to Come” and welcomes Bollywood star and global fashion icon Sonam Kapoor as its brand ambassador. This evolved identity reflects Runwal Realty’s commitment to creating not just homes, but heirlooms—crafted through visionary design, meticulous planning, global design expertise and an unwavering focus on quality. With the customer at its core, each de..

Next Story
Infrastructure Urban

Emerging Trends in Infrastructure and Transport 2025: KPMG

KPMG’s latest report, The Great Reset: Emerging Trends in Infrastructure and Transport 2025 edition, sheds light on the profound changes transforming the global infrastructure landscape. As industries adapt to the challenges posed by climate change, economic pressures, and technological advancements, the report identifies key trends and provides actionable insights for leaders in infrastructure and transport sectors. “In today’s interconnected world, the lack of standardized supply chain practices is not just an operational challenge—it’s an environmental and economic one. We’..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?