Tata Steel, India’s largest steel giant is reportedly mulling to acquire Indian iron ore assets of Stemcor, one of Britain’s largest independent steel trading companies. On the back of global slowdown in the steel industry, British firm has run into trouble and is in rescue talks with banks after de-faulting on more than $1 billion of loans. Because of this cash crunch, the company is offloading some of its physical assets, including its iron ore mine in Odisha which could fetch an estimated $800 million.
Tata Steel, the flagship company of the Tata group is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 Company.
