Vedanta announced that it has acquired Electrosteel Steel following requisite approvals the NCLT and Competition Commission of India. The company has initiated implementation of the resolution plan. The company has deposited the upfront amount of Rs 53.20 billion in the escrow account of Electrosteel Steel.

The company has acquired management control and as per the provision of the resolution plan the company will hold 90% of the paid up capital of Electrosteel Steel.

Shares of the company declined Rs 2.9, or 1.18%, to trade at Rs 243.40. The total volume of shares traded was 99,494 at the BSE (9.52 a.m., Tuesday).