Congratulations on winning the bid for Bhushan Steel. What made you come to the valuation of Rs 36,000 crore for Bhushan Steel? Do you expect the synergies to pan out for Tata Steel and Bhushan Steel at a later point of time
Lenders to the Bhushan Power and Steel (BPSL) are likely to meet next week to choose the most eligible bidder for the troubled steelmaker. Sources said BPSL’s resolution professional (RP) Mahender Kumar Khandelwal has now asked
UK’s Liberty House group has trumped a bid by Tata Steel to buy bankrupt Bhushan Power and Steel, according to people directly briefed on the matter.
The creditors’ panel will next week declare the highest preferred bidder for acquiring the assets of Bhushan Power and Steel amid the resolution process for the debt-laden firm being marred by controversy, sources said.
Hit by rejection of its bid to acquire Bhushan Power and Steel, UK-based Liberty House plans to move NCLT this week to direct creditors and resolution professional to consider its offer.
The consortium of lenders to Bhushan Power & Steel has asked Tata Steel to waive certain conditions in its offer for the company and rejected a late bid by the UK’s Liberty House, people briefed on the matter said.
The Committee of Creditors has rejected the bid of UK-based Liberty House to acquire Bhushan Power and Steel Ltd, leaving Tata Steel and JSW Steel in the race for taking over the assets of the bankrupt firm, a source said.
Independent experts Duff & Phelps and PricewaterhouseCoopers have revised the liquidation value of Bhushan Power & Steel upwards to Rs 20,000 crore, almost double their initial estimates, barely two weeks ahead of a deadline for submission of final bids for the bankrupt company, according to people briefed on the matter.
About half a dozen companies and financial institutions are interested in acquiring a stake in the loss-making and highly indebted Bhushan Power and Steel, people familiar with the development confirmed to FE.