Indian multinational steel producer JSW Steel is reportedly planning to establish a consortium to acquire a majority stake in Teck Resources’ steelmaking coal unit Elk Valley Resources.

According to a Bloomberg report, the Indian firm is looking for partners to place a joint offer for a 75% stake in Elk Valley Resources. The potential deal could value the steelmaking coal business more than $8bn.

Sources told the publication that JSW Steel has been in discussions with banks about financing for the potential acquisition.

Currently, deliberations are underway and there is no certainty that the parties will reach an agreement.

JSW and Teck representatives declined to comment on the Bloomberg report.

The report comes after Swiss commodities company Glencore offered to buy the steelmaking coal business for nearly $8bn in June, after Teck Resources rejected its $22.5bn takeover bid.

Around that time, Teck confirmed it had received multiple proposals for its steelmaking coal operations, without revealing the names of the interested parties.

In a statement, Teck said: “The high degree of interest expressed by a wide range of parties underscores the value of Teck’s high-margin, long-life steelmaking coal assets.

“Teck intends to continue to engage with all parties that have indicated interest to identify a path that realises value for shareholders while ensuring continued responsible operations in the Elk Valley to support a sustainable future for the benefit of employees, local communities and Indigenous Peoples.”

Teck Resources is one of leading mining companies in Canada with operations in Canada, the US, Chile and Peru. The company’s major businesses are focused on copper, zinc, and steelmaking coal.