JSW Steel looking for partners to acquire stressed assets

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JSW Steel may pair with external investors to set up a platform to acquire distressed assets, including those in Europe, according to a report by Mint.

The Sajjan Jindal led-company is open to various options as it is looking for inorganic growth and opportunities in distressed assets, the report quoted joint managing director and group chief financial officer Seshagiri Rao as saying.

"There are various structures which we are open to exploring and this is one of them,” Rao told the newspaper in an interview. “But only when a specific asset is identified and the resolution process is decided thereafter I will be able to give a definite answer."

Earlier this year, the company had said that it was evaluating various opportunities for acquisitions to achieve its target of becoming a 40 million-tonne steel player.

Later, the company said it is capable of spending up to USD 1 billion on both capacity expansion and acquisitions, per annum.

In August, it was reported by Business Standard that JSW Steel was in talks with Piramal Enterprises to form a partnership that could result in joint bidding of assets that are currently under the insolvency process.

It was also reported that the company was in talks with investors to acquire Bhushan Steel, which is currently under bankruptcy proceedings.

According to media reports, Piramal Enterprises was to provide the funding while JSW Steel was to manage the assets.

JSW Steel, the flagship firm of the USD 11 billion JSW Group, has plants spread across six locations in Karnataka, Maharashtra and Tamil Nadu.