Tata Steel has joined the race for Usha Martin’s Jamshedpur facility, which was put on the block to pare some of the parent’s debt.
The Tata group company has put in an aggressive bid of around Rs 6,000 crore. Others in the fray include JSW Steel. Vedanta Resources, which was till now said to be interested, is said to have withdrawn. But the company did not respond to a query on the development.
“Tata Steel’s bid is aggressive, given that the value of the asset is considerably less,” said a source. Another executive added, “The ideal value is in the region of Rs 3,000-4,000 crore.”
But given that the Usha Martin facility is in its neighbourhood, synergies would come easier for Tata Steel, which also wouldn’t want the competition to develop a presence in its backyard. Read More
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