India’s Jindal Steel and Power Limited (JSPL) has commenced talks on picking up an equity stake in steel rebar producer Steel Exchange India Limited (SEIL), industry sources said on Tuesday, January 31.
While JSPL officials did not categorically confirm the development, a spokesperson said, ‘The company continues to evaluate all growth opportunities’.
Sources said that JSPL had submitted bids in response to an expression of interest (EoI) floated by SEIL seeking strategic investments.
SEIL operates a steel mill producing 250,000 mt of branded rebar with the capacity to ramp it up to one million mt, with the advantage of its plant being located close to the ports of Vishakhapatnam and Gangavaram in the south, ensuring high logistical advantages, the sources said.