JSW Steel Not Going to Buy Tata Steel’s British Assets
With the Tata Steel business suffering losses, JSW is not yet going to buy it.
- The Sajjan Jindal-led JSW Steel is not going buy the troubled Tata Steel’s British assets, saying talks are at an exploratory stage only, and it will be cautious in taking a call.
- Last week, JSW Steel in a statement said it was evaluating some British steel assets, but did not name any specific target. The Tatas, suffering from heavy losses for many years, on March 29 announced its plans to sell its entire British steel operations in parts or full.
- The group has been hit by cheap Chinese imports, soaring costs and weak demand in the continent in particular, and across the western world in general. JSW Group, with interests in steel, power, cement and ports, had a net debt of Rs 38,461 crore as of March 2016.
(With inputs from PTI.)
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