NEW DELHI: Almost all the major Indian steel and mining companies had placed the initial bid for British firm Stemcor's Indian assets, which have enterprise value of $800 million and Tata Steel, Essar Steel, JSPL, JSW Steel and Swiss firm Glencore are some of the companies that have been shortlisted for the final bidding.
Stemcor was looking for a buyer to hive off its assets in India, mainly to pay off its $1.2 billion debt. The British parent of Stemcor India operates through a subsidiary Aryan Mining and Trading Corporation (AMTC) which operates iron and manganese ore in its two operational mines in Odisha.
Aditya Birla Group firm Essel Mining and Bhushan Steel, which are also in the fray, will have to submit their final and "binding" bids by the third week of November, the source said.
【News source】
Tata, Essar, JSW Steel shortlisted to bid for Stemcor's India assets
Your Comments
Trend
SEAnews World Circulation