India’s JSW Steel reportedly considering 75% interest in Teck’s coal business

India’s JSW Steel Ltd is considering picking up a 75 per cent interest in Teck Resources’ TECK-B-T 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 per cent 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.