JSW Steel Ltd.

JSW Steel is reportedly in plans to buy a significant stake in Sandur Manganese and Iron Ores in Karnataka, in order to improve its access to iron ore and cut logistics costs. The purchase will be from the promoter’s stake at a premium to the market price. Sandur Manganese had appointed investment banker Edelweiss Financial Services to scout for a buyer to divest its stake.

With this initiative, the company will assure the supply of iron ore to the Vijayanagar Plant and will also help JSW to reduce its logistical costs, which is more than Rs 2000 per tonne of iron ore to acquire the ore from NMDC’s Odisha and Chattisgarh mines.

JSW Steel is part of the JSW group which, in turn, is a part of the O P Jindal group. JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products.