JSW Steel and JSPL submit bids for Stemcor’s Indian assets

Indian steelmakers JSW Steel and Jindal Steel and Power (JSPL) are separately bidding for the Indian assets, including iron ore mining and iron ore processing facilities, of London-based Stemcor, one of the world's largest independent steel traders, according to media reports.
 
New reports indicate that Stemcor expects to complete the sale of its Indian assets by February this year. The sources say the bids for the Indian asserts have come down to $900 million from the initial $1.2 billion.
 
In May last year, Stemcor had to secure a standstill agreement to negotiate with its lenders when it failed to pay debts totaling $850 million. Stemcor is seeking to sell Indian assets in line with its debt restructuring plans.