JSW emerges top bidder for Bellary Steel & Alloys
India's third largest steelmaker, JSW Steel Ltd, has emerged as the highest bidder for debt-laden steel producer Bellary Steel & Alloys Ltd, a report in the Business Standard newspaper said on Saturday.
January 02, 2011 / 12:20 IST
India's third largest steelmaker, JSW Steel Ltd, has emerged as the highest bidder for debt-laden steel producer Bellary Steel & Alloys Ltd, a report in the Business Standard newspaper said on Saturday.
In December, JSW Steel bought a controlling stake in smaller loss-making rival Ispat Industries for $476 million.JSW Steel's bid at 2.1 billion rupees was higher than the bid placed by Sesa Goa, the country's largest producer and exporter of iron ore in the private sector, at 2.06 billion rupees."By afternoon we were informed there was another bid from JSW, which was higher," Sesa Goa's managing director, P.K. Mukherjee, told the newspaper.Bellary is being sold by a consortium of lenders led by project lender IFCI, the report said.Bellary Steel has a half constructed steel plant with a capacity of 0.5 million tonnes.Officials at JSW Steel or Bellary could not be immediately reached for a comment by Reuters. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
