JSW Steel, ArcelorMittal in race to buy Vedanta mines, steel assets

Vedanta's ask price for both assets at Rs 10,000 cr

JSW Steel and ArcelorMittal, along with several private equity funds, have expressed interest in acquiring the iron ore mines and steel plant owned by ESL Steel, a part of Anil Agarwal’s Vedanta Ltd, sources close to the development said.

While the Vedanta group has indicated an enterprise valuation of Rs 10,000 crore for these assets, potential buyers are seeking a reduced valuation, the sources said. Vedanta had acquired the erstwhile Electrosteel Steels’s plant having a production capacity of 2.5 million tonnes per annum in June 2018 under the Insolvency and Bankruptcy Code, marking its entry into the sector, but it is