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Tata Steel eyes stake in Indonesian state firm

India's Tata Steel wants to buy a stake in PT Krakatau Steel, Indonesia's state steel firm, and will meet for talks with Indonesia's industry minister in the next few days, a ministry official said on Sunday.

  • Reuters
  • Published: 00:27 May 5, 2008
  • Gulf News

Jakarta: India's Tata Steel wants to buy a stake in PT Krakatau Steel, Indonesia's state steel firm, and will meet for talks with Indonesia's industry minister in the next few days, a ministry official said on Sunday.

Global steel giants including ArcelorMittal, the world's biggest steel maker, and Australia's BlueScope Steel Ltd are also interested in buying shares in Krakatau Steel, one of the state-owned firms up for privatisation, I Putu Surya-wirawan, a director at the industry ministry, said.

"Tata is only one of the world's steel companies interested in being part of Krakatau Steel's privatisation," Suryawirawan said.

"So far, only ArcelorMittal has submitted a bid," Suryawirawan said, adding that government officials plan to meet with representatives of BlueScope, Australia's largest steelmaker, and Tata Steel, the world's sixth-largest steelmaker, next week.

Other steel firms interested in buying shares in Krakatau Steel include India's Ispat Industries, he added.

Anshari Bukhari, director general for metal at the industry ministry, last week told reporters that Krakatau Steel's assets were worth 11 trillion rupiah ($1.19 billion).

"Of course we want the highest (bid) we can get, but we must be realistic," said Bukhari.

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