Lawyers for Electrosteel declined to comment. ESL has operational capacity of 1.5 MTPA and is evaluating a proposal to increase capacity to 3 MTPA over the medium term.About the parentVedanta is a diversified metals, mining, power, and oil and gas company. Why follow tips? We have rated over 24,500 large and mid-scale corporates and financial institutions. CRISIL is registered in India as a credit rating agency with the Securities and Exchange Board of India (“SEBI”). The Group has successfully forayed into Steel Making with an Integrated Steel & DI Pipe Plant at Bokaro, commissioned in consultation with reputed international agencies. The Company offers pig iron, billets, TMT bars, wire rods, and ductile iron pipes. The Report should not be the sole or primary basis for any investment decision within the meaning of any law or regulation (including the laws and regulations applicable in the US).Ratings from CRISIL Rating are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities / instruments or to make any investment decisions. ELECTROSTEEL STEELS LIMITED Head Office: GK Tower. We also pioneered a globally unique rating service for Micro, Small and Medium Enterprises (MSMEs) and significantly extended the accessibility to rating services to a wider market. The company was founded in 2006, has main office as head office in Bokaro. The stock of SPL tanked 18 per cent to Rs 109.50 on the … From the effective date, VSL ceased to exist as an entity and all its assets, liabilities, debts, borrowings now stand transferred to the books of ESL. CRISIL has also instituted several innovations in India in the rating business, including rating municipal bonds, partially guaranteed instruments and microfinance institutions. Mr. The Report is not an offer to sell or an offer to purchase or subscribe for any investment in any securities, instruments, facilities or solicitation of any kind or otherwise enter into any deal or transaction with the entity to which the Report pertains. CRISIL has assigned its 'CRISIL AA/Stable/CRISIL A1+' ratings to the bank loan facilities of Electrosteel Steels Limited (ESL). The company has term loan obligation of Rs 184 crore in fiscal 2021. Vedanta Limited will now directly hold 95.49% in Electrosteel Steels Ltd (ESL) This follows nod from NCLT Kolkata for scheme of amalgamation of Vedanta Star Limited with ESL. Liquidity is supported by healthy cash and equivalent of more than Rs 1,350 crore as on March 31, 2020. We are majority owned by S&P Global Inc., a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. what will happen for the share holders at present? This Report does not constitute an offer of services. The delisting proposal was taken on record and approved, in the meeting of the board of directors held today, the company said in a BSE filing. Electrosteel Castings (UK) Ltd, Ambrose Yard, Broombank Trading Estate, Broombank Road, Chesterfield, Derbyshire S41 9QJ Cook Tilly India were money-related counsels for the plan, and Khaitan and Co. were lawful counsels. DI Pipes and Fittings. For reprint rights: Electrosteel Steels acquisition led to a turnaround in firm: Vedanta, Electrosteel Steels shares go haywire on delisting announcement, Vedanta acquires management control of Electrosteel Steels, Vedanta gets management control of Electrosteel Steels, IMA for Electrosteel Steels till Vedanta gets control, IBBI slaps penalty on Electrosteel Steels resolution professional. Though Electrosteel’s current market price is Rs 1.10 per share, it’s well accepted that equity shares of an insolvent company are usually worth nothing. Electrosteel Steels Ltd has setup 2.51 Million Ton Per ANNUM (MTPA) Greenfield Integrated Steel Plant near Siyaljori village in the Bokaro district of Jharkhand. CRISIL Ratings is part of CRISIL Limited (“CRISIL”). CRISIL has in place a ratings code of conduct and policies for analytical firewalls and for managing conflict of interest. Post the merger, Vedanta now directly holds around 95.5% shares of ESL. For latest rating information on any instrument of any company rated by CRISIL you may contact CRISIL RATING DESK at CRISILratingdesk@crisil.com, or at (0091) 1800 267 1301.This Report should not be reproduced or redistributed to any other person or in any form without a prior written consent of CRISIL.All rights reserved @ CRISIL, Rs.4700 Crore (Enhanced from Rs.1300 Crore), Refer to annexure for Details of Instruments & Bank Facilities. So Within Next 2-3 months picture will be clear what happens next. However, CRISIL alone has the sole right of distribution (whether directly or indirectly) of its rationales for consideration or otherwise through any media including websites, portals etc. It primarily consist of a Sinter Plant, Coke Oven, Blast Furnace, Basic Oxygen Furnace, Billet Caster, Wire Rod Mill, Bar Mill and Power Plant. The budgetary pointers post-merger will uphold Electrosteel Castings to deal with its credit score.” Electrosteel Castings was shut last financial year with incomes of Rs 2,480 while Srikalahasti Pipes timed a revenue of Rs 1,663 crore. Vedanta, through its wholly owned subsidiary VSL, acquired 90% stake in ESL, under the Insolvency and Bankruptcy Code (IBC), 2016, for Rs 5,320 crore on June 4, 2018. Vedanta Ltd on Tuesday said the National Company Law Tribunal, Kolkata Bench, has approved the scheme of amalgamation of its arm Vedanta Star Ltd with Electrosteel Steels Limited (ESL).Post the amalgamation becoming effective, Vedanta will directly Vedanta Limited's Resolution Plan for Acquisition of Electrosteel Steels Limited Approved by National Company Law Tribunal News provided by. We pioneered the concept of credit rating in India in 1987. Electrosteel are a leading manufacturer of Ductile Iron Pipes, Fittings, and Ancillary Pipeline Products supplying around the globe. It was India's first Chinese technology-based greenfield integrated steel manufacturing facility near Bokaro, Jharkhand. However, expected decline in steel demand and lower realisations may weigh on the operating margin in fiscal 2021, despite some support from softer raw material cost. Debtor, Electrosteel Steels Ltd. acknowledging the outstanding balance as on 31st March, 2017, the copy of statement of audited financial results, financial statements of Corporate Debtor for the Financial Year ending 31 st March, 2017 as filed by the Corporate Debtor with BSE Limited and National Stock Exchange of India Ltd. Merged entity to become country’s largest ductile iron pipe maker Hyderabad, October 5 The Board of Directors of Electrosteel Castings Ltd (ECL) and Srikalahasti Pipes Ltd … CRISIL has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process. 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