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August 7, 2013

Adani Group in race to buy Stemcor India assets...


Adani Stemcor India assets

Adani Group, in line with Tata Steel, JSW and JSPL, is planning to participate in the auction of the coal assets of Stemcor India which are valued at around USD 800 Million.

Adani Group, having primary interests in coal, power and port sectors, has already evinced interests to buy Stemcor India assets with Stemcor management in London, said a source close to the development.

Adanis are all set to participate in the auction, slated for the middle of next month.

As said by the company officials, Stemcor India's assets is lucrative for the Adani Group mainly for two reasons. First, it would help the company to foray into the iron ore sector. Secondly, Stemcor India's trading business fits with Adani's existing business domain.

However, arranging funds could be a big issue for the company as it is already saddled with debt and thus, funds may not come easy for the company for carrying out the acquisition, industry sources said.

Meanwhile, with Adani Group in the list, the number of interested parties for Stemcor India's assets now goes beyond a dozen including Essar Steel, Vedanta Group, Adhunik Metaliks and Vale.


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