JSW Steel is India’s leading primary integrated steel producer and it continues to evaluate various opportunities, with its long term goal of becoming a 40 MT steel company. Its growth is seen in the future plans to achieve crude steel production of 15.75 MnT in FY17, up 25% against its last year’s achieved crude steel output and its different acquisitions over the period of time.
As per Media reports JSW Steel may acquire stake in Bhushan Steel as talks are going on with the bankers. Also reported JSW Steel may acquire stake in Monnet Ispat . However JSW Steel in its BSE filing has denied the market speculations.
SteelMint tried to have a word over with JSW Steel but remained unanswered till the time. However JSW Steel in its BSE filing stated that they have a vision to be a 40 MnT steel company in line with the estimated increase in installed capacity in India to 300 MnT in the next decade. Accordingly, the company continues to evaluate various opportunities both organic and inorganic to achieve its long term vision,”
Bhushan Steel’s net loss has widens in Q2 FY17 as per the quarterly results, It has reported net loss of INR 980.2 crores in Q2 FY17 against net loss of INR 656.2 crore in Q1 FY17. In Q2 FY16 company’s net loss was at INR 722.92 crores and Banks are having a tough time with Bhushan Steel debt as it stand defaulted on its interest payment since August 2014.
However, Bhushan Steel in its filing to BSE on 23rd Jan’17 has denied the news of any bids by JSW Steel or any other buyer.
The future acquisitions by JSW Steel will be wait and watch mode as everyday reports on these information’s and also its estimated increase to 40MnT for future can expect a positive outcome for JSW Steel.
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