Vedanta, Tata Steel among bidders for Electrosteel

A clutch of large corporates including Vedanta, Tata Steel and Renaissance Steel India have submitted resolution plans for the debt-laden steel-maker Electrosteel Steels. Edelweiss Alternative Asset Advisors (acting as the investment advisor of EISAF II and EC Holding with support of Edelweiss Asset Reconstruction Company) has also submitted a resolution plan, Electrosteel Steels said in a stock exchange notification.

Electrosteel Steels is the first company among the top 11 stressed assets that were admitted by the NCLT for insolvency proceedings to have put out a list of the bidders it has received from potential investors. Shares of the company closed almost 5 per cent higher at Rs 6.70.

“The resolution professional (RP) is in the process of verifying the same (resolution plans) in accordance with the provisions of the IBC and related rules and regulations issued thereunder,” Electrosteel Steels said. FE