Former ArcelorMittal executive Jai Saraf is discussing a potential bid for Vedanta s steel business, ESL Steel, with private credit funds, including Nithia Capital and certain financial investors. Talks with ArcelorMittal are on the backburner due to valuation differences. Saraf and Nithia Capital previously turned around several stressed steel plants in Trinidad and Tobago, Mexico, Germany, Canada, and Kazakhstan.
Vedanta ESL Steel Ltd incurred a loss of 100 crore rupees due to production hampering caused by a blockade. The CEO of Vedanta ESL Steel Limited, Ashish Gupta, discusses the resolution of the issues and the company's commitment to providing employment opportunities to the local population.
The Jharkhand High Court rejected ESL Steel’s Input Tax Credit (ITC) claim prior to the approval of the resolution plan by the National Company Law Tribunal (NCLT).The bench of Justice Rongon.