The chairman of Mumbai-based JSW Steel Ltd. has expressed an interest in buying stakes in two competing firms: New Delhi-based Bhushan Steel Ltd. and New Delhi-based Monnet Ispat & Energy Ltd.
An online report by Bloomberg says JSW Group Chairman Sajjan Jindal has told one of its reporters that JSW plans to partner with Japan-based JFE Holdings Inc., which already holds a 15 percent stake in JSW Steel, along with other investors to bid for the assets held by the two firms.
The Bloomberg report also indicates the acquired companies would initially operate as “standalone assets and not part of JSW Steel to begin with.”
Jindal further told the media outlet that JSW is not initially seeking a majority stake, but that it would like to “manage the show [and] run the business profitably” until reaching a point when a merger would be appropriate.
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