Sajjan Jindals JSW didnt swap places with Rewant Ruia-connected offshore trust Aurora in the Numetal consortium bidding for Essar Steel, according to several people with knowledge of the matter.
Instead, JSW has come on board Nu Metal & Steel Pvt. Ltd, a drop-down subsidiary of Numetal Mauritius, as an investor with a 25 per cent stake, they said. This entity is registered locally and is also known as Nu Metal India. It had been reported that JSW replaced 25 per cent stakeholder Aurora in Numetal.
In fact, JSWs name is not even mentioned as a resolution applicant, or bidder, in the revised offer, which was submitted on April 2. The company will not have any board representation or management rights either if Numetal wins the bid, said …
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