Bhushan Steel is in preliminary talks with Monnet Ispat and Energy to acquire the company’s stake in Orissa Sponge Iron and Steel. The management is looking into the viability/possibility in this regard and proper due diligence is also needed which will take about 45/60 days.
Orissa Sponge is promoted by the Torsteel Research Foundation in India. The company has been renamed as Orissa Sponge Iron & Steel Ltd on November 18, 2005, while Bhushan Steel is a globally renowned one of the leading prominent player in Steel Industry. Backed by more than two decades, of experience in Steel making, Bhushan Steel is now India’s 3rd largest Secondary Steel Producer company.
