ArcelorMittal, JSW in NMDC steel plant race; JSPL also in the fray

Steel company's shares to be listed on Tuesday

The world’s largest steel company, ArcelorMittal, and Sajjan Jindal’s JSW Steel are in the race to buy the steel plant of mining major National Mineral Development Corporation (NMDC) in Chhattisgarh. The steel company will be listed separately on Monday and the government plans to privatise it in the current fiscal year.

JSPL has also submitted an expression of interest, while, according to banking sources, other large conglomerates — such as Vedanta and Tata Steel — are not participating in the sale. The listing on Monday will give an indication on the valuation of the company and the premium, which is likely