Despite frauds, Sajjan Jindal says no plan to exit Bhushan Power bid

Mumbai: JSW Steel chairman Sajjan Jindal Thursday said the company will not withdraw from or reduce the bid amount for Bhushan Power & Steel (BPSL), but reiterated the call for immunity from future litigations against the scam-tainted firm. JSW Steel, which has submitted a successful Rs 19,300-crore bid to take over Bhushan Power & Steel, has approached the NCLT for relief following two fraud cases filed by Punjab National Bank and Allahabad Bank against the company.

"The process of acquiring BPSL has taken an unduly long time but there is no plan to withdraw our bid. We are only asking that since inquiries are going on against the company and its ex-promoters, we want complete security from that. The court has to take a decision on that," Jindal said on the sidelines of the 25th AGM. JSW Steel had put in a Rs 19,300-crore bid to take over BPSL. Tata Steel and Liberty House were also in the fray for the company which owes lenders over Rs 40,000 crore.

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