JSPL leads race to buy Stemcor India business for over $1 billion

Sources with direct knowledge suggest that JSPL is leading the race to buy Stemcor's India business for a little over $1 billion. Stemcor may be reviving exclusive deal talks with JSPL and partners who are the erstwhile management team of Stemcor India.

JSPL wants to buy Stemcor's Odisha-based iron ore mine, beneficiation and pelletisation units.

In the recent bids conducted by Stemcor, it received lower than expected bids from JSW Steel, Birla Group of around $700-800 mln.

Stemcor spokesperson said, " Continuing to speak to interested parties."

JSPL said, " Working on offer to buy Stemcor's assets."