...SINGAPORE (S&P Global Ratings) April 3, 2018--S&P Global Ratings said today that its issuer credit rating on Vedanta Resources PLC (foreign currency: B+/Stable/--) is not affected by a proposed acquisition of Electrosteel Steels Ltd. The acquisition will be made by Vedanta's majority-owned subsidiary, Vedanta Ltd., and we expect it to be funded with debt. However, we believe Vedanta Resources' financial ratios have a cushion to accommodate such debt. On March 31, 2018, Vedanta Ltd. was selected as a successful resolution applicant by the committee of creditors for Electrosteel. Electrosteel is in default on its financial obligations since 2015 and has outstanding debt of more than Indian rupee (INR) 90 billion. The company is undergoing bankruptcy resolution process. Vedanta Ltd.'s final payment for the proposed acquisition has not been disclosed, but, in line with media reports, we assume a consideration of INR50 billion (US$750 million-US$800 million) will be paid to financial creditors....
