JSW Steel seeks legal opinion if it can bid solo for Essar Steel

NEWDELHI: MOVE WOULD DEPEND ON LEGAL OPINION AND THE VIEW OF THE COC, SAID THE FIRM’S JOINT M.D. SESHAGIRI RAO

JSW Steel is seeking a legal opinion if it can bid solo for stressed assets of Essar Steel, a top company official said on Tuesday.

When asked if JSW Steel is weighing going solo for acquiring stressed assets of Essar Steel if fresh bids were allowed, JSW Steel joint managing director Seshagiri Rao said that it would depend on legal opinion and the view of the Committee of Creditors (CoC).

“It depends upon the legal opinion and the view of the CoC and the Resolution Professional. If they take a positive view ... then we are open to look at it,” he told reporters here. “We are seeking a legal opinion and based on that opinion we will take a call,” he said.

He was speaking during the International Conference on Minerals and Metals.

“At that time when the sec- ond round of bidding was happening JSW Steel was looking at submitting the bid alone. We were not permitted. So, we have to see what view CoC and RP will take in the light of the Supreme Court judgement,” he said.

JSW Steel had teamed up with Numetal to place a ₹37,000crore offer for Essar Steel in the second round of bidding. Numetal and ArcelorMittal were the only two parties that bid to buy out Essar Steel in the first round but the resolution professional was advised to reject both the bids owing to their promoters being linked to defaulter companies.