Vedanta wants to sell Electrosteel 4 years after purchase

16 Nov 2022 CW Team

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.

Infrastructure Urban

06 Nov 2025

Maiden Forgings Becomes Approved Supplier to OFB Murad Nagar

Maiden Forgings Limited (MFL), one of India’s leading producers of bright steel bars and wires, has been officially registered as an approved supplier with the Ordnance Factory Board (OFB), Murad Nagar, under the Centralised Vendor Registration process.This recognition adds to MFL’s existing registration with OFB Kolkata, marking another strategic step in its deepening engagement with India’s defence manufacturing ecosystem. With this new approval, the company strengthens its foothold in the Business-to-Government (B2G) segment and expands its participation in the nation’s defence prod..

DCIL Signs MoUs Worth Rs 176.45 Billion to Boost Maritime Modernisation

The Dredging Corporation of India Limited (DCIL) has signed 22 Memorandums of Understanding (MoUs) with 16 organisations, collectively worth Rs 176.45 billion, during the India Maritime Week 2025 held at the Bombay Exhibition Centre, Mumbai, from 27–31 October.DCIL operates under a consortium of four major ports — Visakhapatnam Port Authority (VPA), Paradip Port Authority (PPA), Jawaharlal Nehru Port Authority (JNPA), and Deendayal Port Authority (DPA) — under the aegis of the Ministry of Ports, Shipping & Waterways (MoPSW).The MoUs include collaborations with leading ports such ..

Goa Advances Sustainable Future with Scientific Waste Management

Chief Minister Pramod Sawant reaffirmed Goa’s commitment to strengthening environmental sustainability through scientific and responsible waste management practices. He highlighted that the Common Hazardous Treatment and Storage Facility has become a key element in ensuring the safe, efficient, and sustainable management of hazardous waste across the State. Sawant said the state-of-the-art facility not only addresses critical environmental challenges but also supports local employment, with nearly 80 per cent of its workforce comprising Goan youth. He added that the State’s environmenta..