JSW Steel plans to join the consortium formed by Russia’s VTB Bank-promoted Numetal Mauritius to acquire the stressed asset of Essar Steel. JSW Steel will buy out Essar Steel promoter Ravi Ruia’s son, Rewant Ruia’s stake of 25 per cent in the consortium to make its entry in the race to acquire Essar Steel, which is undergoing National Company Law Tribunal driven insolvency proceedings, sources said.
The deadline for placing the re-bid ends at 5 pm today. In the first round of bidding, the resolution professional of Essar Steel rejected the bids placed by Numetal Mauritius and ArcelorMittal and called for re-bids from six contenders who had placed their expressions of interest earlier.
JSW Steel did not place its EoI as it was eyeing Monnet Ispat, Bhushan Steel and Bhushan Power and Steel. It has now decided to join hands with Numetal Mauritius consortium to bid for the stressed asset, sources said.