ArcelorMittal, JSW Steel likely to bid for Asian Colour Coated Ispat

JSW has an aggressive expansion plan and is on the lookout for smaller downstream units

After Essar, ArcelorMittal and JSW Steel might find themselves vying for yet another stressed asset.

The two steel majors have reportedly bid for Asian Colour Coated Ispat, a downstream unit in the sector that was on the Reserve Bank of India’s (RBI's) second list of banks’ major non-performing assets (NPAs).

Tuesday was the final day for finalising the list of resolution applicants for Asian Colour Coated. Sources aver Arcelor was one applicant. The next step would be to offer resolution plans for the insolvent entit, likely to be early February. 

Kuldip Kumar Bassi, the Resolution Professional in the case, declined to comment. ArcelorMittal