The firm is expanding in the Middle Eastern and South-East Asian markets (Thailand and Vietnam).
This round of auctions may also see investments made through infrastructure investment trusts (InvITs)
For Liberty House promoted by British industrialist Sanjeev Gupta, this will be the first acquisition in India. It has bids running for three other bankrupt firms—Bhushan Power and Steel, Amtek Auto and ABG Shipyard.
This is the second time that JSW Energy has expressed interest in Monnet Power.
This acquisition marks Vedanta’s entry into steelmaking in India.
The acquisition of Binani Cement will, however, be subject to the Supreme Court’s ruling, with a Dalmia Bharat Ltd-led consortium challenging the 15 May order of the National Company Law Appellate Tribunal that allowed lenders to consider UltraTech’s revised offer. The offer was submitted after lenders selected Dalmia as the top bidder.
The enterprise value of Century’s cement business is pegged at Rs 8,561 crore and UltraTech will absorb debt of Rs 3,000 crore.
The acquisition will help JSW Steel to expand its reach in the specialised steel market, especially in the automobile sector.
ArcelorMittal had submitted a higher bid than Numetal for Essar in the first round.
InvIT has a portfolio of toll road concessions in seven operational assets in Indian states.