JSW Steel, one of India’s leading integrated steel manufacturers with a capacity of 18 million tonnes per annum (mtpa), has offered Rs 300 billion to take over debt-laden Bhushan Steel, Rs 50 billion more than rival bidder Tata Steel’s offer, according to a source close to the development.
Monnet Ispat & Energy has become the first stressed company to get resolution plans from prospective bidders. It is among the 12 large corporate loan defaulters referred by the Reserve Bank of India for insolvency proceedings.
Larsen & Toubro, India’s largest construction company, said it won new orders worth Rs 3,572 crore.
JSW Steel, Tata Steel and Vedanta are among the seven companies that have expressed interest in Bhushan Power & Steel, undergoing the Reserve Bank of India (RBI)-mandated insolvency process.
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.
The government has initiated an anti-dumping probe on imports of straight length bars and rods of alloy steel from China following complaints from the domestic industry.
Tata Steel, India’s second-largest private steelmaker, has expressed interest in bidding for debt-ridden Essar Steel, whose lenders have filed for revival of the company under the Insolvency and Bankruptcy Code
Sajjan Jindal’s JSW Steel is eyeing acquisition of steel-making assets in the United States, spurred by its US based steel mill’s improved financial performance after US President Donald Trump’s Make in America policy brought smokestack businesses back into the reckoning.
JSW Steel today said its board has approved the plan to set up a Rs 2,100 crore slurry pipeline in Karnataka to transport iron ore and coal for its 12 MT integrated steel plant in the state.
A consortium led by India’s JSW Steel raised its bid for Italy’s troubled Ilva steel plant, a statement said on Saturday, in a challenge to a group that was declared the winner of the tender process last month, but whose offer faces labour union opposition.