Steel tycoon Sajjan Jindal’s JSW Steel Ltd will consider an investment from Japan’s second-biggest mill as the Mumbai-based firm looks to acquire distressed companies in India, according to joint managing director Seshagiri Rao.
India’s biggest producer would prefer to acquire mills located in the eastern parts of the country and is open to partnering with JFE Holdings Inc. for acquisitions, Rao said in an interview in Mumbai. “Today we have nothing in mind saying we have to approach JFE or anybody. First we are examining an opportunity. As and when the insolvency resolution professional is ready on various companies, then we will take a call.”
Rao sees JFE, which holds a 15% stake in the Indian mill, as a valuable partner because the Japanese company “has added a lot of value to JSW Steel in terms of bench-marking, in terms of product mix change and in improving profitability,” he said. Read More…
Credit By: Live Mint
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