Five years after buying ESL Steel for what seemed like a bargain, the Vedanta founder is in a hurry to sell the company. Except, he hasn’t had much luck with finding a buyer.
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Acquirer JSW Steel and the other parties to the resolution process of the insolvent entity vitiated the sanctity of the bankruptcy code, the apex court found.
Chairman N. Chandrasekaran may have ensured a 500 million pound grant for the Port Talbot facility’s transition, but given the risks and money involved, the exercise will test the Indian parent’s patience with the loss-making business.
When the Mittals first invested in the steelmaker back in 2009, it turned out to be a dud. Now, in its second avatar as part of AM/NS India’s downstream business, it holds the key to their plans.