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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
Acquiring the two companies could give a much-needed boost to the Gautam Adani-led conglomerate’s steel ambitions.
Editor's note: In a week when it has closed two major deals in the media and real estate sectors, billionaire Gautam Adani-led Adani group has emerged as one of the most likely contenders to acquire two steel companies. These are state-owned Rashtriya Ispat Nigam Ltd and ESL Steel, a formerly bankrupt firm (earlier known as Electrosteel Steels Ltd) bought by the Vedanta group in 2018. The disinvestment of Visakhapatnam-based Rashtriya Ispat Nigam Ltd (RINL), which had been in the making for a decade, finally kicked off last week, with the Department of Investment and Public Asset Management conducting roadshows for potential investors. “All the major steel companies, including Tata Steel, JSW Steel and ArcelorMittal Nippon Steel were present in the roadshow,” says a senior executive from a steel company, which has also shown interest in RINL, asking not to be named. “In the last couple of days, companies have been crunching numbers and this will be followed by submission of bids. The government wants to complete the process by January 2023.” At the same time, the executive points out, there is talk …
After a strong listing, Vedanta Aluminium Metal is running into some headwinds. Aluminium prices are easing, but the sharper challenge is rising competition from Kumar Mangalam Birla and Gautam Adani.
The JSW Steel founder is embarking on an unprecedented expansion, betting on Japan’s JFE and Korea’s POSCO to share the load. But rivalries, debt and market risks could complicate the plan.
A proposed SEC settlement lifts the biggest overhang on the Adani Group—its access to US capital markets.
