(Reuters) – India’s JSW Steel Ltd is considering taking a 75% stake in Tech Resources’ steelmaking coal business Elk Valley Resources, according to a Bloomberg report.

Bloomberg reported in July that the Mumbai-based company holds up to 20% interest in Teck’s coal business.

Bloomberg said the potential deal could value the business at $8 billion, rivaling a previous bid by Swiss commodities giant Glencore.

Glencore earlier this year offered to buy Teck’s steelmaking coal business as a standalone entity after the Canadian miner twice rejected a $22.5 billion offer to combine the two companies.

In July, Teck’s CEO Jonathan Price said the Canadian miner was considering a number of offers from various interested parties, including a partial sale of its coal business.

JSW declined to comment, while Tech Resources did not immediately respond to a Reuters request for comment.

(Reporting by Arshreet Singh in Bengaluru; Editing by Dhanya N Thoppil)

(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content was auto-generated from a syndicated feed.)

first published: 17 August 2023 | 4:10 p.m. First

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