Adani looks top contender to buy RINL, ESL Steel

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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 …