Sarda Energy & Minerals Limited (BSE:504614) (SEM) may try to acquire Uttam Value Steels Limited (BSE:500254)and Uttam Galva Metallics Limited by bidding jointly with SSG Capital Management Limited, two people aware of the development said. The two subsidiaries of Uttam Galva Steels together owe INR 54 billion to lenders and SEM's interest stems from the opportunity to expand its product portfolio, said one of the persons. “The company is having discussions on potential growth opportunities,” said another person closely associated with SEM.

A consortium led by SSG Capital Management has put in an expression of interest for Uttam Value Steels and Uttam Galva Metallics. The group includes Synergy Metals Pvt. Ltd. and Art Special Situations Finance (India) Limited.

Other bidders are JSW Steel Limited (BSE:500228), Liberty House LLC, AION Capital Partners Limited, L.P., Phoenix ARC Private Limited and a consortium led by NEW ZONE INTERTRADE FZE. The deadline for final bids is December 21, 2018.