Vedanta gets letter of intent for Electrosteel in insolvency auction

Vedanta Limited on Saturday informed stock exchanges that it had received a letter of intent (LoI) for Electrosteel Steels. 

Vedanta had accepted the terms of the LoI and closure of the transaction would be subject to compliance with applicable regulatory requirements and in accordance with the final terms approved by the National Company Law Tribunal (NCLT), the company said in a statement to the exchanges. 

Though Vedanta did not disclose the bid value, it is believed to have offered Rs 55 billion for Electrosteel Steels, which owes banks Rs 103 billion.

At the last meeting of the committee of creditors (CoC), Vedanta was