Lenders to Electrosteel Steels Ltd, the first case where banks had converted debt into equity under the strategic debt restructuring (SDR) scheme, have shortlisted two bidders, including Tata Steel Ltd, for a controlling stake sale and are likely to choose the buyer by the month end, three people familiar with the negotiations said.
Tata Steel, India’s second-largest private steelmaker, and London-based financial investor First International Group Plc are the two remaining bidders in the race, said the three people cited above, requesting anonymity.
