Bidders seek clarity on ESL Steels' environmental clearance from Vedanta

Vedanta bought the firm under IBC in 2018 and recently put on the block, as it wanted to focus on its core business; bidders' current issue is with plant site in Jharkhand

Potential bidders of ESL Steel (earlier known as Electrosteel Steels) have said they are seeking additional clarity on the environmental clearances from Vedanta group after their initial round of due diligence.

Acquired by Vedanta group in 2018 under the Insolvency and Bankruptcy Code, 2016 for Rs 5,320 crore, ESL Steel was recently put on the block by the group, which wanted to focus on its core businesses.

But a potential bidder said they have raised additional queries on the site of the plant. “There are some pending issues related to environmental clearances of the plant site in Jharkhand and we