JSW Steel makes ₹19,700 crore offer for Bhushan Power and Steel
Bhushan Power and Steel owes about ₹45,000 crore to its lenders
New Delhi: JSW Steel Ltd has submitted a resolution plan of ₹19,700 crore to the committee of creditors of debt-laden Bhushan Power and Steel Ltd (BPSL), a person in the know of the matter said.
Besides JSW Steel Ltd, Tata Steel Ltd and Liberty House have also submitted bids to acquire the special steel maker Bhushan Power and Steel Ltd, which is under the insolvency process.
The bids were submitted for the second time to the committee of creditors late night on 13 August.
Now the panel of creditors will inform the National Company Law Appellate Tribunal (NCLAT) on Friday about the bids received by the interested parties.
“JSW Steel has submitted ₹ 19,700 crore (resolution) plan to the committee of creditors. The entire amount is upfront amount,” the person cited above said.
According to reports, Tata Steel has made an offer of ₹17,000 crore and Liberty House’s resolution plan is of around ₹19,000 crore.
Email queries sent to three companies seeking their response remained unanswered.
Sajjan Jindal-led JSW Steel, Tata Group firm Tata Steel and UK-based Liberty House are competing with each other to acquire Bhushan Power and Steel.
Bhushan Power and Steel owes about ₹45,000 crore to its lenders.
It was among the 12 non-performing accounts referred by the Reserve Bank of India for National Company Law Tribunal (NCLT) proceedings.
Bhushan Power and Steel with a production capacity of 3.5 million tonne per annum (mtpa) is a leading manufacturer of flat and long products.
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