Tata Steel keen to buy UK firm Stemcor's Indian assets

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Tata Steel keen to buy UK firm Stemcor's Indian assets
Mumbai-headquartered, Indian multinational steel-maker, Tata Steel eyes on the Indian iron ore assets of Britain's independent steel trading company, Stemcor, said media report.

The move is on the back of global slowdown in the steel industry which has entailed Stemcor to offload some of its physical assets, including its iron ore mine in Odisha which could fetch an estimated $800 million.

Stemcor has been facing cash crunch and is in rescue talks with banks after defaulting on more than $1 billion of loans, said the media report.

Tata Steel which bought over British steelmaker Corus in 2007, faces a stiff competition for the mines from another Indian rival, Jindal Steel and Power. Moreover, Stemcor has been granted a payment holiday by banks on its unpaid debt until September 16.

Read more about: tata steel
Story first published: Monday, July 29, 2013, 9:24 [IST]
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