Posted on 01 Feb 2023
Essar Group is continuing its quest to return to steelmaking, after it submitted its expression of interest for NMDC Steel’s privatisation.
The group’s steel business – Essar Steel – was acquired by AMNS India through the corporate insolvency resolution process in 2019, Kallanish notes.
“Essar Group is one of the serious bidders for NMDC Steel Plant at Nagarnar, Chattisgarh,” a source aware of the development informs local media. “It submitted its expression of interest through SBI Capital on 27 January. It is also looking to set up its new plants and has been looking for land aggressively in Odisha and Karnataka.”
Essar Group did not respond to request for comment before deadline on Tuesday.
The Indian government has received multiple expressions of interest for the privatisation of NMDC Steel. DIPAM invited preliminary bids in December for the strategic sale of the unit. The last date for submitting bids was 27 January, while the last date for submitting queries was 29 December (see Kallanish passim).
Source:Kallanish
