JSW STEEL LIKELY TO MAKE A BID FOR ARCELOR’S GALATI PLANT IN ROMANIA

LONDON/MUMBAI: JSW Steel is expected to make a bid for Arcelormittal’s Galati plant in Romania, three people aware of the development said, potentially competing against Ukraine’s Metinvest and Italy’s Marcegaglia. Arcelormittal, the world’s biggest steelmaker, has had to put six European assets up for sale to get approval from European competition authorities for its purchase of Italy’s giant Ilva plant. Analysts at investment bank Jefferies estimate the combined value of the assets up for sale is $752-940 mn and Galati is the largest of those assets.

RITES share sale fully subscribed on Day 2

NEW DELHI: The initial public offering (IPO) of Railways consultancy firm RITES (Rail India Technical and Economic Services Ltd) was fully subscribed on Day 2. The three-day IPO, which closes on Friday, received 5.24 crore bids against the total issue size of 2.52 crore, NSE data shows. RITES is the second railways public sector enterprise that is undergoing disinvestment and plans to raise around ₹466 crore by divesting 12.6% from its stake.

COMPILED FROM MINT REPORTERS AND AGENCIES