JSW Steel keen to acquire assets of Bhushan Group: Sources

MUMBAI: JSW Steel is in advanced talks to strike two large M&A deals, something that will give it a dominant presence in the domestic market.

It is in talks with lenders to buy Bhushan's Odisha steel unit, reported Nisha Poddar of ET Now quoting sources.

JSW Steel is also likely to buyout all shareholders of Orissa Sponge, including the stake of promoters group.

Total EV of Bhushan's unit and Orissa Sponge is at Rs 30,000 crore.

Bhushan Steel has a net debt of over Rs 35,000 crore.

Management of Bhushan Steel denied the development while JSW STEEL did not offer any comment.

At 02:20 p.m; Bhushan Steel was at Rs 102.80, up 6.03 per cent, on the BSE. It surged 9.85 per cent to touch intraday high of Rs 106.50.

JSW Steel was at Rs 1182.45, down 1.69 per cent, on the BSE. It gained 1.43 per cent to touch intraday high of Rs 1220.

Orissa Sponge Iron was locked at 5 per cent upper circuit at Rs 152.75 on the BSE.