JSW Steel on Monday told the National Company Law Tribunal that the company is not backing out from the ongoing resolution process of Bhushan Power & Steel despite reports of alleged fraud by its former promoters.
The principal bench of the National Company Law Tribunal (NCLT) on Tuesday reserved its order on approval of the JSW Steel’s resolution plan for Bhushan Power and Steel (BPSL). Sources said NCLT is likely to pronounce its final order on JSW Steel’s Rs19,700-crore bid in the next 15 days.
Delays in the sale of assets under India’s bankruptcy law are becoming a key challenge for bidders who cannot wait indefinitely because of funding constraints, according to JSW Steel Ltd.
The structure JSW Steel (JSW) uses to complete its acquisition of debt-ridden Bhushan Power & Steel (Bhushan Power) will determine the impact on its financials.
Bhushan Power & Steel, one of the 12 cases mandated by the Reserve Bank of India to be resolved under the Insolvency and Bankrutcy Code (IBC) has got a leg-up with the letter of intent (LOI) of being issued in JSW Steel’s favour.
Paving the way for JSW Steel to take over Bhushan Power and Steel (BPSL), the National Company Law Appellate Tribunal (NCLAT) on Monday dismissed Tata Steel’s objections that lenders had given the Sajjan Jindal
Indian conglomerate JSW Steel and global trading firm Duferco are in advanced talks on a five-year cash-for-steel prepayment deal, four sources familiar with the matter said, in a rare move for the industry.
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.
The Deming Prize has helped us improve and bring in more efficiency, better quality, performance and better working culture thereby improving conversion cost. When you say conversion cost, it is if you compare with last 3-5 years,
Sajjan Jindal-led JSW Steel Wednesday said its crude steel output grew 2 per cent to 13.90 lakh tonnes (LT) during November this year. The company had produced 13.62 LT crude steel in November 2017, it said in a statement.