BS reported that in another bid to mobilize funds for the cash strapped realty major Unitech, promoter Mr Ramesh Chandra and his family are in talks with leading Indian and global steel giants to sell their 25% stake in Bhubaneswar headquartered Orissa Sponge Iron & Steel Ltd.

The report cited some investment banks as saying that Chandras, who bought the stake sometime in 2006 and 2007, are in talks with POSCO and Delhi based Bhushan Steel, which owns 6% in the firm. Sources said that “The company is also in talks with two global giants and two domestic companies.”

Incorporated in 1979, Orissa Sponge has iron ores reserves of around 120 million tonne and coal reserves of a similar amount. The company has sponge iron and steel billet plants in Palaspanga.

The report added that this news has not been denied by POSCO and Bhushan.

(Sourced from Business Standard)