JSW Steel Eyes Major Acquisitions Monnet Ispat, Bhushan Steel | CORPORATE ETHOS

JSW Steel Eyes Major Acquisitions Monnet Ispat, Bhushan Steel

By: | February 8, 2018
JSW Steel

Feb 8: JSW Steel Ltd (BSE:500228, NSE:JSWSTEEL) is close to finalizing major acquisitions that will strengthen its presence in the steel industry in the country.

JSW-Aion consortium has offered Rs 2700 cr to the lenders of the bankrupt Monnet Ispat and more than 18% stake which is now under negotiation. According to reports Monnet Ispat  & Energy Ltd (BSE: 513446, NSE: Monnet Ispat) faces claims of Rs 10,359 cr from financial creditors and Rs 116 cr from operational creditors. The acquisition news has helped the scrip make gains on the bourses after hitting a recent low of 25.25.

Meanwhile, JSW Steel has also placed a bid of Rs 29,700 cr for acquisition of stressed asset of Bhushan Steel (BSE:500055, NSE: BHUSANSTL) as against Tata Steel’s bid of Rs 24,000 cr. The scrip has gained 2.35% on Thursday morning trade at Rs 54.50 after a recent low of 44.6.

Among the other bidders for Bhushan Steel include Arcelor Mittal  and Vedantaand Aion Capital. The results of the bid will be known by Thursday evening.

JSW Steel share prices are seen rising after a recent fall to 278 levels and trading 1% higher at Rs 293.05 in morning trade at BSE.