JSW Steel said to sell stake to Nippon Steel

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Updated: 18/11/2009 | 02:54 PM IST

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NDTV Correspondent

Wednesday, November 18, 2009 (New Delhi)

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JSW Steel is in talks to sell a 7-11 per cent stake to Japan’s Nippon Steel, sources told NDTV. JSW Steel may get a premium of 25 per cent over its current market prices, they said, and the stake sale could fetch it $300-500 million.

When contacted over this, JSW Steel declined to comment, saying that it does not comment on speculation. Promoters hold 45 per cent stake in JSW Steel. Sources also said that the stake sale could take one to two months to conclude.

Nippon Steel’s move for a stake in an Indian steel company comes as global steel giants look at increasing their presence in India. And given the delay in getting greenfield projects started they are aiming for a stake in Indian companies. Recently, world’s biggest steelmaker ArcelorMittal, which is planning to set up two greenfield projects in India, bought a stake in Uttam Galva Steels.

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