Vedanta Limited (NSEI:VEDL) agreed to acquire Ferro Alloys Corporation Limited (BSE:500141) for INR 2.8 billion on January 30, 2020. This is Vedanta's second major acquisition through the auction of stressed steel assets under the Insolvency and Bankruptcy Code. Vedanta Limited will acquire management control and as per approved resolution plan, Vedanta Limited will hold 100% of the paid-up capital of FACOR. The consideration payable for the acquisition on debt and cash free basis under the approved resolution plan is INR 100 million as well as equivalent of cash balance in FACOR's subsidiary, FACOR Power Limited (FPL) as upfront payment and zero coupon, secured and unlisted non-convertible debentures of aggregate face value of INR 2.7 billion to the financial creditors payable equally over 4 years commencing March 2021. The upfront amount will be paid to the financial creditors of FACOR. Approval from the National Company Law Tribunal Cuttack has been received. The transaction is expected to close by the second quarter of fiscal year 2021. Sudhir Bassi, Vaibhav Mittal, Mehul Shah, Shruti Singh and Shivanshu Thaplyal of Khaitan & Co. acted as legal advisors to Vedanta. Mehul Shah, Shruti Singh, Sudhir Bassi and Vaibhav Mittal and Shivanshu Thaplyal of BDO acted as accountants to Vedanta Limited.

Vedanta Limited (NSEI:VEDL) completed the acquisition of Ferro Alloys Corporation Limited for INR 3.1 billion on September 21, 2020. INR 220.3 million of inter-corporate loan and further non-convertible debentures of aggregate face value of INR 2.9 billion to the financial creditors of Ferro Alloys Corporation Limited. As part of transaction, Vedanta Limited has been allotted 340 million fully paid up equity shares of INR 1 each of Ferro Alloys Corporation Limited. Ferro Alloys Corporation Limited will be wholly owned subsidiary of Vedanta Limited. Vedanta Limited has acquired control over Ferro Alloys Corporation Limited and a new board of directors has been put in place.