The Sajjan-Jindal promoted JSW Steel wants to go solo in the race for bankrupt steelmaker Essar Steel. JSW Steel had earlier bid for Essar Steel together with Numetal. Given the Supreme Court has already outlined the way forward after hearing all the arguments under the Insolvency and Bankruptcy Code (IBC), it would appear the steelmaker must approach the apex court for permission to throw its hat in the ring.
MV Seshagiri Rao, joint managing director, JSW Steel, said on Tuesday that the company was seeking legal opinion on whether it would be eligible to bid for Essar Steel together with ArcelorMittal, Numetal and Vedanta. “It depends upon the legal opinion which we get and the views of the commitee of creditors and the resolution professional (RP). If they take a positive view, then we are open to look at it. We are seeking a legal opinion and based on that opinion we will take a call,” Rao said. Read more