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JSPL open to steel plant acquisition, says deputy MD

JSPL open to steel plant acquisition, says deputy MD
PTI
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First Published: Thu, Sep 01 2011. 02 38 PM IST
Updated: Thu, Sep 01 2011. 02 38 PM IST
New Delhi: Naveen Jindal-led Jindal Steel and Power (JSPL) on Thursday said it is not averse to acquisitions to drive growth even as its $10.9 billion capacity expansion plans are underway.
“Lot of expansions are going on. However, we are open to right kind of steel plant for acquisition,” company’s deputy managing director Sushil Maroo told the news agency, when asked whether JSPL would follow suit of subsidiary Jindal Power, which has recently evinced interest for acquisition in generation space.
Maroo, however, declined to divulge if JSPL was currently considering any steel plant acquisition or has the company any war-chest ready for making such a move.
JSPL was approached by the then Ispat Industries of the Mittals, but it turned down the offer when Naveen’s elder brother Sajjan started making serious efforts to buy the firm.
JSPL had acquired Shadeed Iron and Steel Co in Oman last year.
The company has also got development rights El Mutun Iron Ore Reserves in Bolivia, which has around 20 billion tonne reserve. JSPL plans to set up a 1.7 mtpa steel plant there among others.
JSPL operates a three mtpa steel plant at Raigarh in Chhattisgarh. A $10.9 billion, 12 mtpa capacity addition is already underway at Angul in Orissa, Patratu in Jharkhand and at Raigarh.
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First Published: Thu, Sep 01 2011. 02 38 PM IST