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Report: Tata Steel mulling takeover of Essar Steel's Hazira steel plant

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Report: Tata Steel mulling takeover of Essar Steel's Hazira steel plant

Tata Steel Ltd. is expected to make a bid for debt-ridden Essar Steel Ltd.'s Hazira steel plant in the Indian state of Gujarat, Mint reported Oct. 10, citing "two people aware of the talks."

The interim resolution professional overseeing the bankruptcy resolution plan for Essar Steel has received interest from two domestic and two international buyers, according to the report.

The Hazira plant has a capacity to produce 10 million tonnes of steel per year and also comprises a 30 million tonne per annum dry bulk port and a 515-MW natural gas-operated power plant.

"The Hazira facility constitutes more than 80% of Essar Steel’s operations, while the rest of the facilities are largely for raw material processing, in which Tata Steel sees no value since it already has its own facilities,” one source said.

Reuters reported late September that ArcelorMittal was interested in buying debt-laden Indian steel companies and was evaluating Bhushan Steel Ltd. and Essar Steel for a possible takeover.