Indian giant eyes Maspion stake<\/p>\n
The Jakarta Post, Jakarta<\/p>\n
India's Jindal Organization has expressed formal interest in
\nacquiring a majority stake in Indonesian steel producer PT
\nMaspion Stainless Steel Indonesia (MSSI), a subsidiary of
\nSurabaya-based conglomerate Maspion Group.<\/p>\n
Executive managing director of Maspion Group Alim Satria told
\nThe Jakarta Post on Monday that India's flagship stainless steel
\nproducer, Jindal Stainless Ltd., was engaged in talks with
\nMaspion over the possible purchase of a controlling stake in
\nMSSI.<\/p>\n
\"However, the price offered by Jindal is too low. We want them
\nto raise their offer,\" said Alim, who is also MSSI president
\ndirector.<\/p>\n
Alim declined to elaborate further, but a report said Jindal
\nStainless, with assets valued at US$418 million, had offered
\nabout $30 million.<\/p>\n
Jindal Organization is India's sixth largest business group,
\nwith assets worth $2 billion.<\/p>\n
Its subsidiary Jindal Stainless has an annual production
\nvolume of 500,000 tons, accounting for 40 percent of Indian
\ndemand for stainless steel.<\/p>\n
The Gresik-based MSSI, a joint-venture company between Maspion
\nand publicly listed PT Alumindo Light Metal Industry, is the
\nfirst company in Indonesia to have implemented a cold-rolled
\nstainless steel manufacturing facility.<\/p>\n
The Maspion Group, which started out in 1965 as a kitchen
\nappliance manufacturer, is among the country's top-tier
\nconglomerates, with businesses ranging from consumer durable
\ngoods, electrical household appliances and plastic housewares. --
\nJP<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/indian-giant-eyes-maspion-stake-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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