Insolvency resolution: Sajjan Jindal's JSW Steel may bid for Uttam Galva

Uttam Galva, a customer of JSW, had entered into a long-term raw material supply agreement with it last year

Sajjan Jindal’s JSW Steel is likely to bid for Uttam Galva Steels, which is in the process of being referred to the National Company Law Tribunal (NCLT) from the Reserve Bank of India’s (RBI’s) second list (28 entities) of big defaulters. “There is synergy with our Dolvi plant in Maharashtra; both plants are near each other,” a JSW official said.

Uttam Galva is also a customer of JSW. Sometime last year, it had entered into a long-term raw material supply agreement with JSW. Uttam Galva happens to be one of the largest manufacturers of cold rolled steel and galvanised steel,