ESL Steel Limited, a material subsidiary of Vedanta Iron and Steel Limited, saw its statutory auditors, Lodha & Co LLP, resign. This move is to align auditors with the holding company's framework post-demerger.
Vedanta Iron and Steel Limited's Corporate Identification Number (CIN) has been updated to L24109MH2023PLC411777, changing its status from 'Unlisted' to 'Listed' on the Ministry of Corporate Affairs portal.
Vedanta Iron and Steel Limited's promoter group entities secured a US$2.25 billion facility. This impacts VISL through covenants restricting certain asset disposals and investments, effective upon fund utilization. No direct management impact.
Vedanta Iron and Steel Limited received notice of a US$1 billion bridge facility agreement where Twin Star Holdings, Vedanta Resources, Vedanta Holdings Mauritius II, and Welter Trading are parties. This impacts VISL's operations if it becomes a material subsidiary.
Vedanta Iron and Steel reported highest-ever pig iron production at 238 kt, up 12% YoY. Overall saleable steel production rose 4% YoY to 582 kt, while iron ore production increased 4% YoY to 2.6 Mn DMT.
