Tata, JSW and Essar Steel in fray to acquire Shree Precoated | business | Hindustan Times
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Tata, JSW and Essar Steel in fray to acquire Shree Precoated

Tata Steel, JSW Steel, Essar Steel and Uttam Galva Steels are in the fray to acquire a majority stake in Ajmera Group's Shree Precoated Steel.

business Updated: Jul 08, 2009 21:22 IST

Tata Steel, JSW Steel, Essar Steel and Uttam Galva Steels are in the fray to acquire a majority stake in Ajmera Group's Shree Precoated Steel.

"Three primary steel makers - Tata Steel, JSW Steel and Essar Steel and a prominent secondary steel maker, Uttam Galva Steels, have evinced interests to acquire the majority stake in Shree Precoated Steel and have submitted their respective bids," a source close to the development told PTI.

The source said that Laxmi Mittal-owned Arcelor Mittal had also evinced interests in buying out the majority stake in the company, but backed out even before carrying out the due dilligence.

"Bhusan Steel was also interested," the source said.

All the four interested parties in the fray have done due dilligence and the valuation offered by them ranges between Rs 700-800 crore, he said.

When contacted JSW Group's Jt Managing Director and Cheif Financial Officer M V S Seshagiri Rao said that the company was "not at all" interested in acquiring Shree Precoated Steel.

An Essar Steel spokesperson declined to comment and a Tata Steel spokesperson said that he had no idea on the issue.