Vedanta takes over management control of Electrosteel
Kolkata, June 11: Anil Agarwal-promoted Vedanta has acquired the management control of the debt-ridden Electrosteel after its resolution plan was approved by the National Company Law Tribunal under the IBC.
"... Vedanta Star Limited has acquired management control of Electrosteel Steels pursuant to resolution plan approved under the Insolvency and Bankruptcy Code (IBC), 2016," Vedanta said in a regulatory filing.
In view of the approved resolution plan, an upfront amount has been deposited in the escrow account of Electrosteel and a new board of directors has been put in place, the filing said.
Upon implementation of the resolution plan, Vedanta would hold approximately 90 per cent of the paid up share capital of Electrosteel. The remaining 10 per cent would be held by Electrosteel's existing shareholders and the financial creditors who receive shares in exchange for the debt owed to them, Vedanta said earlier in a statement.
The funds received by Electrosteel as debt and equity will be used to fully settle the debts owed to the existing financial creditors of Electrosteel by payment of Rs 5,320 crore, it said.
Electrosteel owns and operates a greenfield integrated steel manufacturing facility near Bokaro, Jharkhand which has a current capacity of 1.5 million tonnes per annum (mtpa) and the potential to increase to 2.5 mtpa.
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AI, AI Express look to add capacity amid IndiGo flight disruptions
New Delhi (PTI): Air India Group is looking to add capacity to help passengers impacted by the IndiGo flight disruptions.
"Since 4 December, economy class airfares on non-stop domestic flights have been proactively capped to prevent the usual demand-and-supply mechanism being applied by revenue management systems," a statement said on Saturday.
Both Air India and Air India Express have put in place caps on economy class fares.
ALSO READ: IndiGo cancels over 200 flights from Delhi, Mumbai on Saturday
The statement from Air India came hours after the government announced introduction of airfare caps amid IndiGo flight disruptions.
Air India also said it is not technically possible to cap fares for all flight permutations.
"Air India and Air India Express are seeking to add capacity to help travellers and their baggage reach their destinations as quickly as possible," the statement said.
