April 17, 2018 / 1:12 PM / 4 days ago

Vedanta gets regulatory nod for Electrosteel takeover

April 17 (Reuters) - Vedanta Ltd, the Indian unit of diversified mining group Vedanta Resources Plc, said on Tuesday the National Company Law Tribunal (NCLT) has approved its Resolution Plan to acquire the debt-ridden Electrosteel Steels Ltd.

The takeover process for Electrosteel was overseen by India’s NCLT, which deals with insolvency and company disputes.

A wholly-owned unit of Vedanta Ltd will subscribe Electrosteel's share capital for 18.05 billion rupees ($274.96 million) and provide additional funds worth 35.15 billion rupees by way of debt, the company said in a statement bit.ly/2J0AW6S.

Vedanta Ltd had won an auction to acquire the Electrosteel Steels last month. Tata Steel, privately-held Renaissance Steel and Edelweiss Alternative Asset Advisors Pte Ltd were the suitors for Electrosteel Steels. ($1 = 65.6450 Indian rupees) (Reporting By Arnab Paul in Bengaluru, Editing by Sherry Jacob-Phillips)

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