Indian steel giant Tata Steel is mulling the acquisition of London-based steel trader Stemcor's iron ore assets in the Indian state of Odisha which are estimated to be worth $800 million, according to media reports. According to sources, Tata Steel is interested in Stemcor's iron ore mines to feed its Indian steel plants.
Other India-based steelmakers Jindal Steel and Power (JSPL) and JSW steel are also reportedly interested in Stemcor's Indian iron ore assets.
Stemcor secured a 100-day standstill agreement from its lenders in late June, after failing to refinance its $850 million revolving credit facility due in May.