MUMBAI: JSW Steel Ltd and Jindal Steel & Power have emerged as strong contenders for steelmaker Ispat Industries sources familiar with the development said.
The companies are run by brothers Sajjan Jindal and Naveen Jindal respectively and are part of the OP Jindal group.
While JSW has already signed a non-disclosure pact and is carrying out due diligence, Jindal Steel has been approached by Ispat which has appointed Kotak Mahindra Bank to explore possible suitors for a controlling interest, according to the sources.
ArcelorMittal, controlled by LN Mittal group, is also carrying out due diligence and has signed a non-disclosure agreement with Ispat, the report said.
However, Ispat told stock exchanges this month that reports of selling stake to ArcelorMittal was entirely speculative.
"We do not comment on rumours," Anil Surekha, executive director, finance at Ispat Industries, said.
Ispat Industries, owned by Pramod and Vinod Mittal had posted a net loss of 3.31 billion rupees for the quarter ended September.
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