Construction Industry News
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 company. This will help it focus on its core mining and industrial businesses and wind down its balance sheet, which was $11.7 billion in debt at the end of March.
The group has reportedly approached steel companies such as ArcelorMittal Nippon Steel (AMNS), Tata Steel, JSW and Jindal Steel and Power. Top executives such as ArcelorMittal chief executive Aditya Mittal have also visited the site in recent weeks.
Vedanta Group said it would not comment on market speculation. ArcelorMittal Nippon Steel and JSW declined to comment.
"We currently have no acquisitions under evaluation," Tata Steel CFO Koushik Chatterjee told The Economic Times.
Vedanta beat out Tata Steel, whose facilities are next to Electrosteel, to acquire ESL for Rs 53.20 billion in 2018 after creditors led the ailing steel maker to the insolvency process, becoming the second steel company to complete the bankruptcy process after Tata Steel took over the management of Bhushan Steel in April 2018.
Electrosteel Steels was a subsidiary of Electrosteel Castings. After the acquisition, Vedanta delisted the company.
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