ArcelorMittal, JSW in NMDC steel plant race; JSPL also in the fray

Steel company's shares to be listed on Tuesday

Dev Chatterjee Mumbai
steel company, steel firms, ArcelorMittal, JSW Steel

The world’s largest steel company, ArcelorMittal, and Sajjan Jindal’s JSW Steel are in the race to buy the steel plant of mining major National Mineral Development Corporation (NMDC) in Chhattisgarh. The steel company will be listed separately on Monday and the government plans to privatise it in the current fiscal year.
JSPL has also submitted an expression of interest, while, according to banking sources, other large conglomerates — such as Vedanta and Tata Steel — are not participating in the sale. The listing on Monday will give an indication on the valuation of the company and the premium, which is likely to be offered by the bidders, said a banking source.
Analysts said NMDC had deleveraged its balance sheet and any additional capital expenditure on the steel plant will not adversely impact its numbers.

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First Published: Feb 19 2023 | 7:56 PM IST

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