JSPL Expressed Interest to Bid for RINL, NMDC Steel Plant Assets

SEATTLE (Scrap Monster): Jindal Steel and Power Limited (JSPL) expressed interest in bidding for assets of state-run Rashtriya Ispat Nigam Limited (RINL) and NMDC’s Nagarnar Iron and Steel Plant (NISP). The combined capacity of the assets will exceed the capacity of Neelachal Ispat Nigam Limited (NINL), which it lost out to Tata Steel consortium in the recently held bidding process.

Commenting on the bidding for the larger steel assets, VR Sharma, Managing Director, JSPL said that the company is interested in both the assets, adding that they are not yet on table. JSPL is keen on exploring growth options, including those available in the acquisition space, he added.

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Earlier in end-January this year, the Cabinet Committee of Economic Affairs (CCEA) had given an in-principle nod for 100% strategic investment of government holdings in RINL. Also, the Cabinet had approved the demerger of NMDC’s steel plant and strategic sale of the demerged steel company. Incidentally, RINL has a capacity of 7.3 mt, whereas the NMDC steel plant has a capacity of 3 mt.

In addition, JSPL has reportedly submitted its expression of interest for Indian Steel Corporation (ISC) Limited, which makes quality steel products for automotive, construction, home appliances and general engineering space.