The auction process for debt ridden Bhushan Power has been compromised, Tata Steel said on Thursday, making its first public comment on the bidding race where it was overtaken by JSW Steel even after being declared as the highest bidder by the company’s Committee of Creditors.
“If the (resolution) process has been defined everybody should follow it. Our appeal is that the process has been compromised,”
T V Narendran Global CEO & MD, Tata Steel said. He was speaking to reporters on the sidelines of the Indian Steel Association Steel Conclave.
“We don’t have a problem with Liberty or JSW Steel but there was a last day of bidding. In the case of Electrosteel we had bid and didn’t get it but we respected that decision,” he added. Read more
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