The race for India’s biggest private iron ore exporter Sesa Goa is heating up.
Arcelor Mittal has reportedly put in a bid of around Rs 2,200 per share for Mitsui Corp’s 51% stake in the company.
Sources say Arcelor Mittal’s bid is marginally higher than those of other contenders like the Aditya Birla group, which is believed to have bid around Rs 2,000 per share.
But Mr Mittal is not the only global metals major interested in the deal. The race to control Sesa Goa has also brought in players such as Vedanta Resources and global mining major CVRD.
The Arcelor Mittal offer of Rs 2,200 per share values Sesa Goa at over Rs 8,600 crore, whereas the deal would be worth over Rs 4,400 crore.
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