JSW Steel Ltd will take over Bhushan Power & Steel from Sanjay Singal after the National Company Law Tribunal (NCLT) on Thursday approved its bid of Rs 19,700 crore. Bhushan Power was taken to NCLT on RBI direction after it defaulted on loans of Rs 47,000 crore to 33 banks.
While approving the order on Thursday, the bankruptcy court said that profits made by Bhushan Power during the insolvency period must be distributed to the creditors. The acquisition of Bhushan Power will help add 3.5 million tonne a year of capacity to the JSW’s footprint in the eastern part of the country. JSW’s bid of Rs 19,700 crore was higher than the bids of Tata Steel and Liberty House.
In the first round of bidding Liberty House had submitted a bid of Rs 18,500 crore, Tata Steel Rs 17,000 crore while JSW Steel Rs 11,000 crore. JSW Steel later raised it to Rs 19,700 crore. Read More
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