Report on JSW Steel bidding to buy Sanjeev Gupta's Liberty Steel is "misleading and mischievous"

There were reports stating that India's steel producer JSW Steel, is mulling over bidding for Sanjeev Gupta's Liberty Steel in Britain as well as mills elsewhere. But now the company has refuted this claim.

The steel company informed the exchange, "It is hereby clarified that such reports stating about the Company’s interest in bidding/buying Liberty Steel’s assets are not only speculative but also misleading and mischievous."

It added, "We have made and will continue to make disclosures in compliance with our obligations under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and our agreements with the stock exchanges."

According to a Reuters' report, JSW's interest extends to plants including Gupta's Adhunik steel mill in eastern India.

JSW Steel Ltd. is the flagship company of the JSW Group. From a single manufacturing unit in the early 1980s, JSW Steel Ltd, today, is one of the leading integrated steel companies in India with an installed capacity of 18 MTPA and has plans to scale it up in India to 45 MTPA within the next decade.

SW Steel's manufacturing facility at Vijayanagar, Karnataka is the largest single location steel-producing facility in India with a capacity of 12 MTPA.

Meanwhile, JSW Steel on Friday posted a manifold jump in its consolidated net profit to Rs 4,191 crore for the quarter ended March 31, mainly on account of higher income. The company had clocked a net profit of Rs 188 crore in the corresponding quarter of the previous financial year, JSW Steel said in a BSE filing.

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