JSW Steel leads in buying stake in Nilanchal Ispat Nigam Limited

JSW Steel leads in buying stake in Nilanchal Ispat Nigam Limited

On the same day JSW Steel surpassed Tata Steel to become the largest steel maker, on the same day it has joined another competition with its closest competitor.

On March 26, Sajjan Jindal-owned JSW Steel filed an Expression of Interest for the acquisition of a stake in the state-owned steel maker Nilanchal Ispat Nigam Limited. Let us tell you that Nilanchal Ispat Nigam Limited is located in Kalinga Nagar, Odisha which is just 10 minutes drive from Tata Steel plant.

Tata Steel and ArcelorMittal Nippon Steel India are already in the race for acquisition in Nilanchal Ispat Nigam Limited.

According to a report, Vedanta-owned ESL Steel is also keen on taking a stake in Neelachal. JSW Steel, however, declined to comment on the news.

A senior industry executive said that JSW Steel is in the process of acquiring several down stream assets. It started with Bhushan Power and Steel Limited.

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