JSW seeks fresh round of bidding for Essar Steel

Economic Times | 24th April 2018

JSW SteelNSE -0.70 % has sought a fresh round of bidding from the debtladen steel major Essar Steel’s Committee of Creditors (CoC). JSW’s move comes a day ahead of a crucial CoC meet scheduled on Tuesday. It is significant as it indicates that the Sajjan Jindal company that joined the Russian VTB Bankled Numetal consortium in the second round, is keen to enter the fray for Essar on its own. In a letter sent to Essar SteelNSE 0.00 % lenders, State Bank of IndiaNSE 0.10 %, ICICI Bank and Punjab National Bank on Sunday evening, JSW Steel said its main contention for seeking new round of bidding rests on maximising value and widening the fray, people with knowledge of the matter said…

2018-04-24T10:53:30+00:00 April 24th, 2018|Uncategorized|