+
Vedanta wants to sell Electrosteel 4 years after purchase
Steel

Vedanta wants to sell Electrosteel 4 years after purchase

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 business. This will help it to focus on its core mining and industrial businesses and deleverage the balance sheet, which had a debt of $11.7 billion at March-end.

The group has reportedly approached steel companies such as ArcelorMittal Nippon Steel (AMNS), Tata Steel, JSW and Jindal Steel and Power. Top executives like ArcelorMittal chief executive Aditya Mittal have also visited the site in recent weeks.

Vedanta Group said it did not want to comment on market speculation. ArcelorMittal Nippon Steel and JSW declined to comment.

“We don’t have any acquisitions under evaluation currently,” Tata Steel CFO Koushik Chatterjee told The Economic Times.

Vedanta beat Tata Steel, whose facilities are next to Electrosteel, to take over ESL for Rs 53.20 billion in 2018, after the creditors took the ailing steelmaker to the insolvency process, and it became the second steel company to see completion of the bankruptcy process after Tata Steel took control of Bhushan Steel in April 2018.

Electrosteel Steels was a subsidiary of Electrosteel Castings. Upon taking over, Vedanta delisted the company.

See also:
CPP Investments commits Rs 18.50 bn to Kotak infra fund
Hindalco Industries Q2 profit tumbles 35


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 business. This will help it to focus on its core mining and industrial businesses and deleverage the balance sheet, which had a debt of $11.7 billion at March-end. The group has reportedly approached steel companies such as ArcelorMittal Nippon Steel (AMNS), Tata Steel, JSW and Jindal Steel and Power. Top executives like ArcelorMittal chief executive Aditya Mittal have also visited the site in recent weeks. Vedanta Group said it did not want to comment on market speculation. ArcelorMittal Nippon Steel and JSW declined to comment. “We don’t have any acquisitions under evaluation currently,” Tata Steel CFO Koushik Chatterjee told The Economic Times. Vedanta beat Tata Steel, whose facilities are next to Electrosteel, to take over ESL for Rs 53.20 billion in 2018, after the creditors took the ailing steelmaker to the insolvency process, and it became the second steel company to see completion of the bankruptcy process after Tata Steel took control of Bhushan Steel in April 2018. Electrosteel Steels was a subsidiary of Electrosteel Castings. Upon taking over, Vedanta delisted the company. See also: CPP Investments commits Rs 18.50 bn to Kotak infra fundHindalco Industries Q2 profit tumbles 35

Related Stories

Gold Stories

Next Story
Infrastructure Urban

NABARD Holds Seminar on Vigilance, Integrity and Good Governance

National Bank for Agriculture and Rural Development (NABARD) organised a seminar on “Vigilance: Strengthening Integrity and Good Governance” on 25 August 2026 at its Head Office in Mumbai as part of the ongoing Vigilance Awareness Campaign 2026 being observed from 17 August to 16 November 2026, with the theme “Probity for Prosperity."" The seminar was graced by Suresh N Patel, Former Central Vigilance Commissioner, Government of India, as the chief guest and keynote speaker.  The programme was attended by G S Rawat, Deputy Managing Director, Dr Ajay K Sood, Deputy Managing Dire..

Next Story
Equipment

XCMG Unveils World's First 14,000-Ton Ring Crane for Heavy Lifting

XCMG has announced that the first main unit of the world's first 14,000-ton ring crane has rolled off the production line, marking a historic breakthrough in ultra-heavy lifting technology. Jointly developed by XCMG and Sinopec Heavy Lifting & Transportation Co., Ltd., the crane will be the largest-capacity ring crane ever built, setting a new benchmark for major construction projects worldwide.The crane features a modular configuration comprising two main units that work in tandem. The first main unit has completed final assembly and can independently perform lifting operations. Once both..

Next Story
Infrastructure Urban

Thriveni Logistics orders 200 tip trailers from Jagdamba trailers

Jagdamba Trailers (JTPL), one of India’s growing trailer manufacturers, has secured a significant order for 200 Tip Trailers from Thriveni Transport and Logistics Pvt. Ltd., a leading mining and logistics company serving operations across India and overseas.The order, placed for iron ore transportation, is a major milestone for JTPL, particularly as the company secured the business after competing with more than 10 established trailer manufacturers. It also strengthens an already successful relationship between the two companies. Approximately one and a half years ago, Thriveni Transport and..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code