JSW Steel and ArcelorMittal are among the likely bidders to acquire ESL Steel's iron ore mines and steel plant, which is part of mining magnate Anil Agarwal's family business Vedanta Ltd. This development highlights potential acquisition opportunities and strategic investments in the steel industry as various businesses explore options to expand their portfolios and operations.
Vedanta initially acquired the plant from Electrosteel Steels in June 2018 under the Insolvency Code and bankruptcy, which marked its entry into the sector. But as its debt problems worsened, the London Stock Exchange-listed company began looking to sell the asset, prompting discussions about its valuation. The final acquisition price is likely to be determined through negotiations between Vedanta and potential buyers of ESL Steel's assets.
