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MC Exclusive | JSPL in talks to buy strategic stake in Steel Exchange India

JSPL, which aims to raise its installed capacity more than fivefold to 50 million tonnes per annum from 2030, has been open for inorganic growth

January 24, 2023 / 09:30 AM IST
Visakhapatnam-headquartered Steel Exchange, which makes TMT Bars, a type of high strength steel products, has proximity to the sea port, the sources added. (Representative image)

Visakhapatnam-headquartered Steel Exchange, which makes TMT Bars, a type of high strength steel products, has proximity to the sea port, the sources added. (Representative image)

 
 
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Jindal Steel & Power (JSPL) is in talks to pick up a strategic stake in Steel Exchange India (SEIL), which is looking for strategic investors in an additional equity deal, according to sources privy to the development. However, the size of the deal is not yet known as discussions are in early stages, they said.

The company confirmed to Moneycontrol that it has been scouting for investors and received an expression of interest (EoI) from JSPL, among others. Once the deal is finalized, the steelmaker will intimate the stock exchanges “in the interest of all stakeholders of the company.”

“JSPL continues to evaluate strategic opportunities on an ongoing basis as and when they arise,” said a company spokesman.

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