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Tata Steel may bid only for Essar Steel’s Hazira plant -The 19th Guangzhou Die-casting, Foundry & Industry Furnace Exhibition
10/11/2017 Die-casting expo-foundry expo |
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Mint, citing two people aware of the talks, reported that Tata Steel Ltd has expressed preliminary interest in acquiring debt-laden Essar Steel Ltd’s Hazira plant in Gujarat. The report quoted a source as saying that “The Hazira facility constitutes more than 80% of Essar Steel’s operations, while the rest of the facilities are largely for raw material processing, in which Tata Steel sees no value since it already has its own facilities.”
Apart from the Hazira plant, Essar Steel operates a downstream capability hub in Pune, beneficiation plants in Bailadila (Chhattisgarh) and Dabuna (Odisha) and pellet manufacturing plants in Visakhapatnam (Andhra Pradesh) and Paradip (Odisha).
While the bankruptcy resolution plan of Essar Steel has not yet been finalized, the interim resolution professional (IRP) for the steelmaker appointed by the National Company Law Tribunal (NCLT) has received initial interest from at least four potential buyers—two domestic and two foreign—the people cited above said on condition of anonymity. The IRP belongs to turnaround advisory firm Alvarez and Marsal.
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