Ltd has joined the race for Electrosteel Steels Ltd which is currently in bankruptcy courts, two people aware of the development said. The promoter company Electrosteel Castings Ltd holds about 45.23% stake in Electrosteel Steels Ltd, out of which 80% stake is pledged with lenders. In June, SBI and other lenders have moved insolvency proceedings against Electrosteel Steels at the NCLT under the Insolvency and Bankruptcy Code, 2016. In fiscal year 2017, Electrosteel Steels’ loss jumped to Rs1,463.48 crore from Rs368 crore in the previous year. Founded in 2006, Electrosteel Steels has set up a 2.5 million ton per annum greenfield integrated steel plant in the Bokaro district of Jharkhand.

Source: Mint October 22, 2017 18:22 UTC