Media attention, page-10

Looks like ECT partnered with the right companies years ago.



"Three out of India’s six biggest steel makers are bankrupt, and the banks are in a rush to get as much as they can for the loans made to these companies. Making the most of it are industry giants, like the Tatas, Mittals, and the Jindals, who are fighting each other to get a tighter grip on a sector that is now available at a bargain.
India is the world’s third-largest steel producer and the top six companies currently account for over half of the country’s steel production, according to ratings agency Crisil. At the end of the ongoing bidding war for a fifth of the country’s total steel-making capacity, the market will be controlled by even fewer players. That would explain why marquee names, both local and global, are scrambling to get a leg up over each other amid a sale season in India’s steel sector."

The Narendra Modi government has also stepped up spending on infrastructure, leading to an increase in domestic demand for steel. The National Steel Policy, unveiled in 2017, aims to treble India’s steel production capacity to 300 million tonnes a year by 2030-31.

I think our two Indian partners will make a much better return on their $35m investment than buying old companies run by old technologies..

https://qz.com/1279417/tata-steel-a...rway-to-buy-a-fifth-of-indias-steel-industry/