Vedanta in race for GMR energy arm

Vedanta Limited has been identified as the ‘H1 Qualified Interested Bidder’ by the consortium of lenders of GMR Chattisgarh Energy Limited (GCEL) for sale of controlling equity stake and restructuring of debt in GCEL.

“Receipt of any letter of intent or completion of the acquisition is subject to the negotiations with the consortium of lenders [and] subject to satisfaction of both parties and requisite approvals,” the company said in a regulatory filing.

Separately, the board has re-appointed Navin Agarwal as chairman with effect from August 1, the firm said. Vedanta’s shares fell 0.35% to Rs. 210.60 on the BSE on Friday.

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