The National Company Law Appellate Tribunal on February 4 turned down Tata Steel’s request to consider its bid as the ‘most legitimate” one for Bhushan Power & Steel.
It now makes JSW Steel the favourite to bag the insolvent company, cementing its position as the country’s largest steelmaker. Bhushan Power has a capacity to make 3.5 million tons of steel a year. JSW Steel has a capacity to produce 19 million tons of steel a year as compared to Tata Steel’s 18 million tons, in India.
Tata Steel had moved the tribunal after Bhushan Power’s lenders agreed to consider a competing bid by Liberty House, which the Tata company said had come into the race past the deadline. Read More
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