JSW STEEL MAY BID FOR ESSAR STEEL

MUMBAI:JSW Steel Ltd may bid for Essar Steel Ltd after lenders to the bankrupt steel maker rejected the two bids that had been received and invited fresh bids for the distressed asset, two people aware of the company’s plans said.

However, according to the first person cited above, JSW Steel’s entry is contingent on the committee of creditors allowing new bidders, who had not participated in the Expression of Interest phase, to participate in the new bidding round, they said. The panel is expected to meet in a day or two’s time to take a call, they added.