MUMBAI, March 31 (Reuters) - Vedanta Ltd , theIndian unit of diversified mining group Vedanta Resources plc , said on Saturday it had won in an auction to acquirebankrupt Electrosteel Steels Ltd . The transaction, financial details of which were notdisclosed, is part of India's new bankruptcy law, which is aimedat cutting close to $150 billion of accumulated soured loans bypushing loan defaulter firms into insolvency. Electrosteel Steels, which is setting up a 2.5 milliontonnes a year steel plant in eastern India, is among India's 12biggest loan defaulters which were pushed to bankruptcyproceedings last year. The company had received claims totalling133 billion rupees from its creditors. Vedanta said in a statement late on Saturday it had receivedand accepted a letter of intent from Electrosteel Steels'creditors' group, led by top lender State Bank of India . The closure of the deal is subject to regulatory complianceand approval by the National Company Law Tribunal, India'sdesignated court for bankruptcy cases, the statement added. Tata Steel , privately-held Renaissance Steel andEdelweiss Alternative Asset Advisors Pte Ltd were the suitorsfor Electrosteel Steels. (Reporting by Sankalp Phartiyal;Editing by Devidutta Tripathy and Andrew Bolton)
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