JSW Steel looks for partners in Bhushan Steel bid

Sajjan Jindal-led JSW Steel is in talks with multiple investors for its proposed Bhushan Steel bid. Discussions are on with Piramal-Bain Fund, JFE Steel Corporation and private equity (PE) firm KKR.

An email sent to JSW Steel officials went unanswered, while KKR didn’t respond. A Piramal group spokesperson said, “We don’t comment on market speculation.” 

Sources said JSW Steel was likely to bid “aggressively” for Bhushan Steel. The PE players, who would provide the funding, could exit a few years later, while JFE Steel could be a technology partner and may even explore equity participation.

A JFE Steel spokesperson said,