India’s third-largest steelmaker has revived plans for a London listing, three years after shelving the idea when world stock markets plunged in 2008. JSW Steel, controlled by the metals tycoon Sajjan Jindal, is considering folding its overseas coal and iron ore assets into a single unit that would be floated on the London Stock Exchange. The proceeds would pay for an expansion drive.
Mr Jindal, JSW’s vice-chairman, confirmed the idea of the listing but said it might not take place until 2012. “It is being planned but only after we have developed a little bit of scale in mining. Then we will do it,” he told India’s Business Standard newspaper.
JSW has iron-ore mining assets in Chile, coking coal mines in the United States and exploration licences for iron ore in Mozambique. They are used to feed its plant at Vijayanagar in southwestern India.The company has a current capacity of 14 million tonnes of steel per year, but is aiming for to increase this to 34 million tonnes.