Jindal Brothers Vie For control of Stemcor's India Assets -FT

India's industrial tycoons, brothers Naveen and Sajjan Jindal, have separately expressed interest to buy the iron ore assets of British steel trading group, Stemcor in India, the Financial Times reported Wednesday on its website, citing unnamed people familiar with the process.

The trading company, which is controlled by the Oppenheimer family, has appointed Goldman Sachs to find a buyer for its Indian assets, which include an iron ore pellet plant and an iron ore mine, located in the eastern state of Orissa, the people said in the report.

Naveen Jindal, the head of Jindal Steel and Power, a conglomerate with a turnover of about $3.5bn last year, is negotiating with Stemcor's Indian management on a potential buyout of the assets which are estimated to have an enterprise value of about $800m, the people were cited as saying in the report.

Sajjan Jindal, the head of JSW Steel, India's second largest private steelmaker by output, last week wrote to Ralph Oppenheimer, Stemcor's London-based managing director, stressing his interest, the report said.

Full story: http://www.ft.com/intl/cms/s/0/0739a8e4-f38c-11e2-b25a-00144feabdc0.html#axzz2ZugU2kAM

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