Vedanta has reportedly submitted the highest bid for bankrupt Electrosteel Steels, ahead of a Tata Group bid. The Vedanta's bid was said to be worth about Rs 4,500 crore. The other bidders were Renaissance Group promoted by Abhishek Dalmia and an overseas fund backed by Edelweiss.
Vedanta is a diversified natural resources company, whose business primarily involves producing oil and gas, zinc- lead-silver, copper, iron ore, aluminium and commercial power.