Sajjan Jindal appears to have an advantage over N Chandrasekaran and Sanjeev Gupta in the race to acquire the bankrupt Bhushan Power & Steel. Jindal’s JSW Steel has made the highest offer for the troubled Delhi-based company, trumping Tata Steel, led by Chandrasekaran, and Liberty House, controlled by NRI billionaire Gupta.
Jindal’s Rs 19,700-crore offer, if approved by the court, will give his steel company a manufacturing presence in the eastern belt of the country, which historically has been the hub of Tata Steel through its Jamshedpur (Jharkhand) and now Kalinganagar and Dhenkanal (both based in Odisha with the latter acquired through Bhushan Steel) plants.
JSW has its manufacturing units in south, west and central parts of India, the last one gained through the acquisition of the bankrupt Monnet Ispat in July this year. Bhushan Power, which owes over Rs 47,700 crore to creditors, has a 3.5-million-tonne facility in Odisha. Besides Bhushan Power, JSW in partnership with Russia’s VTB is in the race for the debt-laden Essar Steel. Read more
Latest posts by The Times Of India (see all)
- CPCB’s latest: Taking all diesel vehicles off Delhi roads on bad air days could help - November 17, 2018
- Coal output up 10% but power plants still run low on fuel - November 17, 2018
- ADB inks loans agreements worth $574 mn for various projects in India - November 16, 2018