Mining billionaire Anil Agarwal’s Vedanta Group and the diversified Tata Group are among the bidders in race to buy debt-laden Electrosteel Steels Ltd, The Economic Times reported.
Abhishek Dalmia’s The Renaissance Group and an Edelweiss fund have also submitted separate binding bids for Electrosteel, the report said, citing two people aware of the development.
Electrosteel is undergoing a corporate insolvency resolution process initiated by the National Company Law Tribunal.
It is one of 12 large loan defaulters identified by the Reserve Bank of India in its first list for debt resolution under the Insolvency and Bankruptcy Code.
The report said that Electrosteel's committee of creditors will soon meet to shortlist the winner.
The company’s total secured outstanding debt was Rs 12,376.61 crore as on 31 March 2017, according to its annual report.
In another report, The Economic Times said that Godrej Fund Management, the private equity real estate arm of Godrej Group, is looking to acquire G Corp Tech Park in Thane for Rs 400 crore from New Jersey-based investment firm New Vernon Capital.
Citing two people aware of the development, the report said that Godrej and New Vernon are in the final stages of talks and that the deal is likely to be closed soon.
The project has a total built-up area of around 7.50 lakh sq ft with a floor plate of 70,000 sq ft, according to the report.