IMR Metallurgical Resources AG, the Swiss commodity trading group that recently bought Tata Steel's iron ore mines in South Africa, is in advanced talks with bankers to acquire a stressed steel plant in Odisha, a top official said.

"We are speaking to bankers to acquire a stressed steel plant in the eastern region," said Sanjay Sinha, director at IMR Metallurgical Resources. “We hope to close the deal soon.”

IMR, which had bid for ferro alloys producer FACOR under the NCLT lastlast year, is now keen to expand in India by “acquiring small and medium-size firms outside the NCLT that can help us get into steel production”, Sinha told ET.

He did not reveal the identity of the plant the company seeks to buy.

The deal, if it goes through, is likely to set a precedent for foreign firms buying into India's steel industry.
IMR is involved in global trading, marketing and financing of bulk commodities like, coking coal, iron ore, and iron & steel products.

here is company details.

 

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