MUMBAI -- A series of bankruptcies in India's steel industry has put the sector on course for a sweeping consolidation, as producers here and abroad battle to take over prime assets.
Essar Steel, the country's fourth-largest steelmaker, is up for sale after filing for bankruptcy proceedings last year, and it is expected to announce a buyer as soon as in May. The winning bidder would gain control of 10 million tons in annual production capacity, equal to one-tenth of India's crude steel output in 2017.
