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Published: Jun 30, 2022
Updated: Jun 30, 2022
Mining giant NMDC has put its steel plant in Chhattisgarh for sale. The sale will invite bids from Vedanta, JSW and ArcelorMittal. Tata Steel is likely to take a backseat as they have already acquired Neelachal Steel for Rs 12,000 crore from the government of India’s disinvestment plan. JSW is keen to bid for the company as it has its own iron ore mine just next to the steel plant in Chhattisgarh.
ArcelorMittal is another contender for the company and wants to expand its business in East India after they acquired Essar Steel’s steel plant in Gujarat. Vedanta is also keen to buy the company, provided it gets a good bargain.
The Vedanta group wants to buy a 5-6 per cent stake from the Indian government once it sells its residual 26 per cent stake in Hindustan Zinc. Vedanta therefore is busy with the HZL stake acquisition.
February 15, 2025 - First Issue
Industry Review
VOL XVI - 10
February 01-15, 2025
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