Sajjan Jindal's flagship company JSW Steel is likely in advanced talks to acquire Stemcor‘s pellet assets in Odisha, sources tell CNBC-TV18.
For Jindal Power (JPL), Ravi Uppal expects the total capacity to go about 2,800 MW, after the commissioning of three units of 600 Mega Watts.
The main attraction of Stemcor's assets for the steelmakers are its iron ore mines, especially as mining bans and restrictions in the key producing states of Goa and Karnataka have slashed domestic supplies.
There are no immediate front runners yet. But only three names (bidders) have come up repeatedly - JSW Steel, Jindal Steel and Power Limited (JSPL) and Aditya Birla Group-owned Essel Mining & Industries Limited (EMIL).
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With race for buying Stemcor's USD 800-million Indian assets hotting up, the British steel company may go the auction way to choose a buyer from a host of interested entities including Tata Steel, JSW Steel and Jindal Power and Ispat, to ensure better value, sources said.
India's largest steelmaker, Tata Steel, has set its sights on the Indian iron ore assets of one of Britain's largest independent steel trading companies - Stemcor, according to a media report.