India’s JSW Steel considers 75% interest in Teck’s coal business – Bloomberg

(Reuters) – India’s JSW Steel Ltd is considering picking up a 75% interest in Teck Resources’ steelmaking coal business Elk Valley Resources, according to a Bloomberg report.

Bloomberg had reported in July that the Mumbai-based company was interested in up to 20% of Teck’s coal business.

The potential deal could value the business at $8 billion, said Bloomberg, rivaling an earlier bid by Swiss commodities giant Glencore.

Glencore earlier this year offered to buy Teck’s steelmaking coal business as a standalone unit, after the Canadian miner twice rebuffed its $22.5 billon offer to combine the two companies.

In July, Teck CEO Jonathan Price said the Canadian miner is considering a range of proposals including a partial sale of its coal business from various interested parties.

JSW declined to comment, while Teck Resources did not immediately respond to Reuters’ request for comment.

(Reporting by Arshreet Singh in Bengaluru; Editing by Dhanya Ann Thoppil)