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Essar Steel Bid - JSW Steel may bring in partner

Steel News - Published on Mon, 16 Apr 2018

Image Source: SteelGuru
Mint, citing a top company executive, reported that JSW Steel Ltd, which is bidding for debt-ridden Essar Steel Ltd in alliance with Numetal Mauritius, may sell some of its stake to a private equity partner if it wins the auction. Mr Seshagiri Rao, joint managing director and group chief financial officer, JSW Steel, said in an interview “If the court decides lenders can go on with the second round of bidding (in Essar Steel) and Numetal becomes a successful bidder, we’ll see what can be done in the later stage, whether we bring in another investor.”

In an earlier interaction, Rao had said JSW Steel could not enter the bidding process as a standalone bidder because it did not originally offer an expression of interest (EoI). He had said “Considering the lenders had allowed only those firms who had submitted EOIs in the first round to bid, we had limited options. So we decided to partner with Numetal as they were willing to tie up with us.”

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Posted By : Sanju Moirangthem on Mon, 16 Apr 2018
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