Vedanata Ltd has received approval from CCI, to acquire Electrosteel Steels Ltd.

In a filing to BSE, Vedanata Resources plc stated, “Vedanta Ltd (the company) has today received the approval from the Competition Commission of India (CCI) for the application made by it for the acquisition of Electrosteel Steels Ltd.”

Vedanta’s one of the wholly-owned subsidiaries will subscribe to the share capital of Electrosteel for an aggregate amount of Rs.1,805 crore (USD 275.7 million) and provide additional funds aggregating to Rs.3,515 crore (USD 536.9 million) by way of debt and upon implementation of the resolution plan, the company will hold approx 90% of the paid up share capital of Electrosteel.

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