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KKR, Apollo-Backed Venture Said to Weigh Indian Steelmaker Deals

  • Private equity firms mull stakes in Uttam Galva, Bhushan Steel
  • India iron, steel producers struggle under $46 billion of debt
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KKR & Co. and Aion Capital Partners, a private equity firm backed by Apollo Global Management LLC, are among investors considering buying stakes in beleaguered Indian steelmakers, people with knowledge of the matter said.

KKR and Aion are weighing investments in companies including Uttam Galva Steels Ltd., backed by billionaire Lakshmi Mittal, and Bhushan Steel Ltd., the people said. Aion is also evaluating the potential purchase of a stake in Electrosteel Steels Ltd., according to one of the people, who asked not to be identified because the information is private. The three companies have about $8.3 billion of combined debt, data compiled by Bloomberg show.