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Vedanta misses bidding for Electrosteel due to delayed EoI - Report

Steel News - Published on Tue, 14 Nov 2017

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Business Standard reported that Vedanta is looking to up its ante in the battle for stressed steel assets, albeit a little late. The natural resources conglomerate had submitted an expression of interest for Electrosteel Steels. However, according to sources the EoI came 10 days after the last date of submission, which was October 9. The sources said that “The EoI is not being accepted.”

They added that the qualified bidders for Electrosteel Steels are Srei Infrastructure Finance, Tata Steel, Mesco Steel, Edelweiss, Avalokiteshvar Valinv Ltd and Electrosteel Castings.

Technically, however, it would be possible for Vedanta to align with any of the qualified bidders.

Electrosteel has a planned capacity of 2.51 million tonnes and has commissioned 1.5 million tonne. It was one of the 12 assets recommended by the Reserve Bank of India for insolvency.

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Posted By : Rabi Wangkhem on Tue, 14 Nov 2017
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