Construction Industry News
Vedanta Group, led by Anil Agarwal, is reportedly leaving the steel business nearly four years after deciding to go big in it. According to reports, Vedanta plans to sell Electrosteel and focus solely on its core mining and industrial businesses.
According to the report, Vedanta has approached other steel companies such as Tata Steel, ArcelorMittal Nippon Steel, JSW and Jindal Steel and Power, as well as some investors. One of the reasons Vedanta made this decision was to reduce its balance sheet, which had $11.7 billion in debt at the end of March.
The report adds that in the summer of 2018, Vedanta beat Tata Steel to acquire ESL for Rs 53.20 billion. Although Electrosteel was initially a subsidiary of Electrosteel Castings, Vedanta delisted the company after the acquisition.
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