Mitsui & Company to sell their iron ore business in India

Japan’s Mitsui & Company has said that they have now decided to exit the iron ore business in India. The company is planning to sell its entire 51 per cent stake in Sesa Goa Ltd.

Sesa Goa is one of India’s largest exporters of iron ore.

Mitsui has appointed JM Morgan Stanley as advisor to complete the transaction. Sources claim that companies including Tata Steel, Jindal Steel and Essar have shown their interest.

Another market investor has said that even Arcelor Mittal is interested in buying this stake in Sesa Goa.

Sesa Goa’s managing director PK Mukherjee however could not confirm this new development as he said: “These things are handled at the promoters’ level from Japan and I am not aware of it.”

Market sources believe that this sale could be worth as much as Rs 6,000 crore.

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