JSW Steel is keen to participate in the rebidding process for Essar SteelBSE 0.41 %.
The Essar bidding is poised to be the biggest in the current round of auction of stressed steel assets and is likely to involve anywhere between Rs 45,000-50,000 crore.
The Sajjan Jindal company reportedly sent a letter to Satish Gupta, the resolution professional for Essar Steel backed by Alvarez and Marsal, a few days ago expressing its interest to bid for Essar Steel.
A top source in the JSW Group confirmed the move but refused to share details or comment on the development.
However, a source associated with the group said the company is exploring every possible option to join the race for Essar.
“We are looking at various possibilities including joining a consortium to help us in the bid,” the person said. Incidentally, JSW Steel has been an enthusiastic bidder for a number of stressed steel assets.
It emerged as the sole bidder and is set to acquire Monnet IspatBSE -2.25 % with a resolution plan worth Rs 3,750 crore.
It, however, lost out in the race for Bhushan SteelBSE -0.86 %, a company it was very interested in, to Tata Steel.
While JSW bid Rs 29,700 crore for Bhushan Steel, Tata Steel’s bid was much higher at around Rs 35,000 crore.
In case of Bhushan Power and Steel, JSW was pipped to the post by Tata Steel which bid Rs 24,5000 crore against JSW’s bid of Rs 13,000 crore.
Source: Economic Times