These companies have been shortlisted from the four companies which had expressed interest in the global tender. The shortlisting has been done based on the recommendations of the financial advisor JM Morgan Stanley. SAIL had invited global bids from stainless steel majors to join as a strategic joint venture partner in the Salem steel plant in February.

These bidders have fulfilled all the pre-qualification criteria, according to a press release. The financial advisors will now begin the due diligence exercise which will be undertaken by the two bidders. The expression of interest by Jindal Strips is under consideration by the financial advisors, who have sought some clarification from the company. A decision regarding Jindal Strips will be taken only after the clarification is received.

The fourth bidder, Shah Alloys has not qualified and hence not been shortlisted, the release adds.

As part of its current asset manufacturing programme, SAIL is looking for a strategic alliance partner for the Salem steel plant.

It may be pointed out that The Financial Express had first reported that Tata Steel was in talks with Usinor of France to jointly bid for the Salem steel plant on March 29. At that time, the Tata Steel spokesman had said that though the company had picked up the offer document, it "was not planning to bid for an equity stake in the Salem plant".