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JSW Steel not planning to make fresh bid for Essar Steel - Mr Sajjan Jindal

Steel News - Published on Thu, 21 Feb 2019

Image Source: SteelGuru
CNBC TV18 reported that JSW Steel Chairman Mr Sajjan Jindal told is not planning to make a fresh bid for Essar Steel, independently or with Vedanta Group. MrJindal, however, said if Essar Steel promoters' settlement offer to withdraw the company from insolvency proceedings was approved, his company would support with a 26 percent stake. Mr Jindal told CNBC-TV18 that "However, if the Essar Steel promoters' settlement offer to withdraw the company from insolvency by offering over INR 54,000 crores to the creditors is accepted, though the Ruia’s will not have the financial position to organize the amount, but in principle, if they could, then we would support with a 26% stake.”

The statement came after Business Standard on February 19 reported that that Vedanta and JSW Steel are in talks to propose a joint bid for the insolvent company. The report added that the bid is likely to be in the range of INR 45,000-48,000 crore, as against ArcelorMittal's bid of INR 42,000 crore.

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Posted By : Ratan Singh on Thu, 21 Feb 2019
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