Kolkata, March 31 (IANS) In the battle to taking over insolvent Electrosteel Steels, Vedanta Ltd, one of the bidders, on Saturday said it has been declared successful resolution applicant under the insolvency process and has received the letter of Intent (LoI).
The Anil-Agarwal led company has accepted the terms of the LoI.
Following a direction from the Kolkata bench of National Company Law Tribunal (NCLT), the Committee of Creditors (CoC) to the insolvent steel producer had decided to go ahead with Vedanta, rejecting objections raised by the Renaissance Steel on its eligibility to bid for the debt- laden company.
Vedanta Limited hereby informs that it has been declared as the successful resolution applicant by the Committe…
Read the full article at: https://www.canindia.com/electrosteel-takeover-loi-issued-to-vedanta/
