The Telegraph reported that the UK based steel trading house Stemcor is eyeing minority stakes in steel and raw material projects in India.

Stemcor, which has a turnover of around USD 8 billion is open to stake buys, but does not want to become a manufacturing outfit. Mr William Attenborough MD (West and Southeast Asia) of Stemcor said that “Our primary business is trading. The investments are made to consolidate and enhance that.”

Stemcor already has small stakes in three Indian firms including Calcutta based Electrosteel Castings in which it has a 5% stake, 10% in Orissa’s Mesco Steel and 14.67% in Sathavahana Ispat Ltd.