India’s Vedanta intends to exit steel industry
Time:Mon, 21 Nov 2022 06:03:12 +0800
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India’s mining giant Vedanta Group has decided to sell Electrosteel Steels Limited (ESL). The group wanted to focus mainly on its core mining and industrial businesses and deleverage its balance sheet which had an $11.7 billion debt at the end of March 2022.
Vedanta acquired ESL for Rs 5,320 crore in 2018, entering the Indian steel industry. Four years after the acquisition, Vedanta made its decision to exit the steel business.
It was understood that Vedanta has approached steel companies such as Tata Steel, ArcelorMittal Nippon Steel India (AM/NS India), JSW, Jindal Steel and Power (JSP), and some financial investors.
