JSW Steel Ltd. is looking to form a consortium to bid for a majority stake in Teck Resources Ltd.’s steelmaking coal business, people with knowledge of the matter said, potentially rivalling an $8 billion offer from commodities giant Glencore Plc.
Mumbai-based JSW is seeking partners for an offer to acquire a 75% interest in the asset, known as Elk Valley Resources Ltd., the people said. That’s a marked shift in approach from July, when Bloomberg News reported JSW was interested in up to 20% of Teck’s coal business.
