JSPL open to steel plant acquisition, says company Deputy MD

NEW DELHI: Naveen Jindal-led Jindal Steel and Power (JSPL) today said it is not averse to acquisitions to drive growth even as its USD 10.9 billion capacity expansion plans are underway.

"Lot of expansions are going on. However, we are open to right kind of steel plant for acquisition," company's Deputy Managing Director Sushil Maroo said, when asked whether JSPL would follow suit of subsidiary Jindal Power, which has recently evinced interest for acquisition in generation space.

Maroo, however, declined to divulge if JSPL was currently considering any steel plant acquisition or has the company any war-chest ready for making such a move.

JSPL was approached by the then Ispat Industries of the Mittals, but it turned down the offer when Naveen's elder brother Sajjan started making serious efforts to buy the firm.

JSPL had acquired Shadeed Iron and Steel Co in Oman last year.

The company has also got development rights El Mutun Iron Ore Reserves in Bolivia, which has around 20 billion tonne reserve. JSPL plans to set up a 1.7 mtpa steel plant there among others.

JSPL operates a three mtpa steel plant at Raigarh in Chhattisgarh. A USD 10.9 billion, 12 mtpa capacity addition is already underway at Angul in Orissa, Patratu in Jharkhand and at Raigarh.