Free Press Journal

JSW Steel leads race to buy Bhushan Power 


New Delhi : JSW Steel has pipped Tata Steel at the post to emerge as the highest bidder for the stressed Bhushan Power and Steel.

JSW Steel revised its bid from the earlier Rs 19,000 crore to Rs 19,700 crore on Monday, while Tata Steel surprisingly retained its initial bid of Rs 17,000 crore. UK-headquartered Liberty House increased its bid by Rs 500 crore to Rs 19,000 crore, said sources close to the development.

The bids were submitted to Committee of Creditors (CoC) late last night by the three parties, a source said.

On August 6, the National Company Law Appellate Tribunal (NCLAT) had extended the deadline for submission of revised bids for BPSL by one week on the plea of Tata Steel, a resolution applicant in this. “The CoC is at present evaluating the three bids and will inform its decision to the NCLAT on August 17,” said the source.

“Liberty House has addressed certain issues raised by the CoC,” a Liberty House official said but refused to comment on submission of bids.

JSW Steel, Tata Group firm Tata Steel and UK-based Liberty House are competing with each other to acquire BPSL through an insolvency process.

BPSL owes about Rs 45,000 crore to its lenders.

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