JSW Steel, which came from behind to surge ahead of the Tatas in the race for Bhushan Power and Steel Ltd (BPSL) with an offer of Rs 19,700 crore, is unlikely to face competition in its bid to acquire the stressed asset with the Tatas unwilling to raise their original offer.
“We will stay with our original bid. It is our stated position,” said a spokesperson for Tata Steel. Tatas have, however, legally contested the lenders’ decision to allow JSW Steel to alter parameters of its bid. In the process, JSW Steel got to improve its bid twice after the Tatas were declared the highest bidder.
On December 20, National Company Law Appellate Tribunal (NCLAT) reserved its order on BPSL and directed both JSW Steel and Tata Steel to file written submissions. Read More
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