Mumbai: Sajjan Jindal-promoted JSW Energy has expressed interest in bidding for stressed assets of Bhushan Energy, the third among the Singhal family’s debt-laden companies that have been admitted in the bankruptcy court.
JSW Energy has submitted an expression of interest (EoI) in Bhushan Energy at the National Company Law Tribunal (NCLT), a person close to the development said.
An email to JSW Energy regarding its EoI went unanswered at the time of going to press.
In November, State Bank of India (SBI) referred Bhushan Energy to NCLT, which the latter accepted in January. The Odisha-based company, a unit of Bhushan Steel, operates power plants in Dhenkanal. According to a November 2017 report by Financial Express, the company reported a gross debt of ₹ 2,336 crore in FY16 and posted a loss of ₹ 229 crore on revenue of ₹ 622 crore in the same period.
Tata Steel, which acquired the stressed parent Bhushan Steel for ₹ 35,200 crore last month under the Insolvency and Bankruptcy Code (IBC), has also submitted an EoI for Bhushan Energy. An email to the company was unanswered till the time of going to press.
Bhushan Energy is the third of the Singhal family’s companies to be admitted to bankruptcy. Bhushan Steel went to Tata Steel while Tata Steel and London’s Liberty House have emerged as the top bidders for Bhushan Power and Steel. The Singhal family-promoted companies together owe about ₹ 44,447 crore to banks.
For Sajjan Jindal, this will be his fourth attempt to win a stressed asset. JSW Steel and AION Investments are in the process of taking control of Monnet Ispat and Energy Ltd. JSW Steel had also bid for Bhushan Steel but Tata Steel has acquired this asset.
JSW Steel is also a last-minute entrant in to the ongoing race for Essar Steel.