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No revised bid for Essar Steel - Vedanta

Steel News - Published on Wed, 20 Feb 2019

Image Source: Vedanta
The Hindu reported that the talks between Vedanta and JSW Steel for submitting a higher joint bid for the stressed Essar Steel asset seem to have not taken off. In response to a BusinessLine query, Vedanta said “It categorically confirms that it is not in the process of submitting any revised bid for Essar Steel and as a policy we do not comment on market speculation.”

According to sources, Vedanta was in talks with JSW Steel the past few weeks to increase its bid from INR 36,000 crore to INR 48,000 crore with both companies contributing INR 24,000 crore each. This was seen as an effort to compete with ArcelorMittal’s bid of INR 43,000 crore, which has been approved by the Committee of Creditors and is pending before the National Company Law Tribunal (NCLT) for final approval.

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Posted By : Ratan Singh on Wed, 20 Feb 2019
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