Vedanta and JSW Steel are in talks to make a joint bid for Essar Steel in a last attempt to keep ArcelorMittal away. A bid together, or one from either company, could be made next week, said sources aware of the development.
Vedanta said they did not comment on market speculation, while JSW Steel did not make a statement. The bid could be in the range of Rs 45,000-48,000 crore, and would be made on the grounds of value maximisation. Arcelor’s bid is for Rs 42,000 crore.
Sources said the companies were considering if JSW Steel should make the bid, or Vedanta. Read more