JSW Steel eyes majority stake in Teck coal unit

22 Aug 2023 CW Team

JSW Steel is considering the formation of a consortium to make a bid for a majority stake in Teck Resources steelmaking coal business. This move could potentially challenge an $ 8 billion offer presented by the commodities giant Glencore Plc.

Mumbai-based JSW is in search of partners to join them in making an offer to acquire a 75% stake in the asset known as Elk Valley Resources. This marks a notable change in approach compared to July when JSW's interest was acquiring up to 20% of Teck's coal business.

A potential deal might set the value of the coal business at over $ 8 billion. JSW has reportedly been engaging with banks to explore financing options for a prospective offer. However, these discussions are still ongoing, and there is no assurance that an agreement will ultimately be reached.

It is possible that any consortium established by JSW may encounter competition for the coal asset from Glencore. Glencore had previously proposed an $8 billion purchase of the business in June as an alternative to a complete takeover of Teck, a mining company based in Vancouver.

Around the same time, Teck revealed that it had received several indications of interest in its coal operations, though the parties interested were not named. In February, Japan's Nippon Steel Corp. had agreed to take a stake in a separate entity called Elk Valley Resources. However, Teck later abandoned the plan to split its coal and metals businesses.

In the preceding month, Glencore demonstrated its sustained interest in the deal by reserving $ 2 billion for a potential acquisition of the Canadian miner's coal business. This amount was initially intended to be returned to shareholders.

Also read:
Bahrain Steel partners with Essar Group for Green Steel Initiative
CM Gehlot approves Rs 246.81 bn investment boost for Rajasthan's growth

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..