(Reuters) - Vedanta Ltd (NS:VDAN), the Indian unit of diversified mining group Vedanta Resources Plc (L:VED), said on Tuesday the National Company Law Tribunal (NCLT) has approved its Resolution Plan to acquire the debt-ridden Electrosteel Steels Ltd (NS:ELES).
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 https://
Vedanta Ltd had won an auction to acquire the Electrosteel Steels last month. Tata Steel (NS:TISC), privately-held Renaissance Steel and Edelweiss Alternative Asset Advisors Pte Ltd were the suitors for Electrosteel Steels.
($1 = 65.6450 Indian rupees)