JSW Steel unlikely to bid for Uttam Value, Galva Metaliks

JSW Steel is unlikely to bid for Uttam Value Steels and Uttam Galva Metaliks as its chances of securing Bhushan Power and Steel get stronger, three people aware of the development said. JSW Steel had put in an expression of interest (EoI) in October for the twin stressed assets that together owe Rs 5,400 crore to lenders. JSW Steel will not be facing competition from Tata SteelNSE 0.89 % for its Rs 19,700 crore offer for Bhushan Power and Steel with Tata Steel unwilling to revise its bid. With its position cemented further, it may not bid for the firms that would have added to its downstream capacities.