Unfazed by the British parent rejecting their previous management buyout plan, Stemcor India employees, backed by minority partner industrialist Sanjay Saraf, are all set to bid for the $800 million assets on the block. Sources said Stemcor India employees are not disheartened, and would now participate in the auction likely to take place in mid-September.
Following a decision taken by the UK-based trading firm Stemcor in April, Stemcor India’s senior management had asked the parent firm to consider selling the assets to a group led by a thousand-odd employees.
Read the full report here