Tata Steel, JSW Steel, Essar Steel and Uttam Galva Steels are eyeing to acquire a majority stake in Ajmera Group's Shree Precoated Steel.
"Three primary steel makers -- Tata Steel, JSW Steel and Essar Steel -- and a prominent secondary steel maker Uttam Galva Steels have evinced interests to acquire the majority stake in Shree Precoated Steel and have submitted their respective bids," a source close to the development told PTI.
All the four interested parties in the fray have done due dilligence and the valuation offered by them ranges between Rs 700 crore and Rs 800 crore, he said.
When contacted JSW Group Joint Managing Director and Cheif Financial Officer M V S Seshagiri Rao said that the company was "not at all" interested in acquiring Shree Precoated Steel.
An Essar Steel spokesperson declined to comment and a Tata Steel spkesperson said that he had no idea on the issue.