Vedanta puts steel sale on hold, $1billion share boost adds relief

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Vedanta puts steel sale on hold, $1billion share boost adds relief - Business Standard

Quick Summary:

Despite mandating advisers for the potential sale, Vedanta has indicated that it will prioritise investments in sectors such as electronics and semiconductors.

The company aims to complete this demerger by the end of the financial year in March 2025, and as of July 31, 75 per cent of its secured creditors had approved the proposal.

Vedanta ventured into the steel industry in 2018 by acquiring a 90 per cent stake in ESL Steel Ltd, which operates in Bokaro, Jharkhand.