JSW Looking for Acquisitions in Power Sector
JSW Steel, a part of JSW group, is looking for opportunities in the power sector, even as the company will wait for the current downturn in steel industry to pass before it plans to increase investments in steel, Sajjan Jindal, the company’s chairman, said here on Friday.
“It all depends on opportunities. If we get good opportunities,’’ said Jindal.
“Power sector, we feel, consolidation would happen. In steel, we are not keen on expanding until we see anti-dumping and other measures improve things.’’
Steel companies in the country are under stress because of poor demand and also dumping of steel by countries such as China and Korea. China, which produces half of world’s steel output, is facing an economic slowdown and hence is exporting steel at prices much lower than its domestic sale prices.
Iron & steel is among the top five sectors accounting for public sector banks’ non-performing loans. For Prime Minister’s Make in India campaign to succeed India will have to increase its consumption of steel to a global level.