JSW Steel bids for debt-ridden Bhushan Steel
JSW Steel said it submitted resolution plans before the 6 pm deadline on Saturday for Bhushan Steel, which is undergoing insolvency proceedings
New Delhi: JSW Steel said on Sunday that it has submitted resolution plans for Bhushan Steel, which is undergoing insolvency proceedings.
According to sources, Tata Steel has also submitted bid for the debt-ridden company. A Tata Steel spokesperson however declined to comment. Luxembourg-based ArcelorMittal said in a statement that it has not submitted resolution plan Bhushan steel.
Saturday was the last day for submitting bids for the maker of auto grade steel.
“ArcelorMittal can confirm it has not bid for Bhushan steel, but we remain interested at looking at future opportunities in India,” it said.
JSW Steel said meanwhile that it had submitted resolution plans on Saturday, before the 6 pm deadline. The highest bidder is expected to be announced on Tuesday, people privy of the development said.
Bhushan Steel, one of the 12 non-performing accounts referred by the Reserve Bank of India for National Company Law Tribunal (NCLT) proceedings, owes Rs44,478 crore to its lenders. As per Bhushan Steel’s website, it is the third largest secondary steel producer in the country with annual capacity of 5.6 million tonne.
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