June 13, 2021
Business

India’s JSW Steel examining bid for Gupta’s British business -sources

India’s largest steel producer, JSW Steel, is considering a bid to buy Liberty Steel in Britain as well as mills elsewhere, two people familiar with the matter told Reuters, as would-be buyers circle Sanjeev Gupta’s global commodities empire.

JSW’s interest, which extends to plants including Gupta’s Adhunik steel mill in eastern India, could mark yet another chapter for Britain’s steel industry, which has been privatised and sold to overseas buyers as its pre-eminence slid in lock-step with the country’s manufacturing might.

In a statement on Saturday, JSW Steel said its focus remained in India for now and it was not looking at acquiring any overseas assets.

A sale would chip away at Gupta’s sprawling network of businesses, comprising hundreds of privately held companies with interests spanning steel, aluminium, mining, financial services and real estate, built up over years of…

Read full article here: www.reuters.com