Friday, April 19, 2019
News

JSW Steel gets Letter of Intent for Bhushan Power and Steel

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

New Delhi | Tuesday, 2019 11:15:04 PM IST
The Committee of Creditors (CoC) for Bhushan Power and Steel has issued a Letter of Intent (LoI) to Sajjan Jindal owned JSW Steel, thereby declaring it a winning bidder for the bankrupt power company, sources said.

The development comes after the National Company Law Apellate Tribunal (NCLAT) last week turned down Tata Steel's plea to consider its bid as the "most legitimate".

People with knowledge of the developments said that JSW Steel has accepted the bid and the resolution professional would now approach the National Company Law Tribunal (NCLT) for the final approval on Wednesday and the procedure might conclude next month.

As per the protocol, NCLT will now have to give the stamp of approval for JSW Steel to acquire Bhushan Power and Steel.

JSW Steel's revised bid of Rs 19,300 crore for Bhushan Power and Steel made it the top suitor ahead of Rs 19,000 crore bid by Liberty House UK and Tata Steel's bid of nearly Rs 17,000 crore. The bankrupt company owes Rs 47,000 crore to the financial creditors.

For JSW, acquisition of Bhushan Power would allow it to retain the numero uno position in the Indian market for a long time to come with targeted capacity of 40 million tonnes by 2030.

Bhushan Power and Steel was one of the 12 biggest defaulters identified by the Reserve Bank of India (RBI) for insolvency proceedings in June 2017. Punjab National Bank (PNB) had dragged the bankrupt steelmaker for resolution under the Insolvency and Bankruptcy Code (IBC).

--IANS rrb/sn/am/prs

( 267 Words)

2019-02-12-22:38:05 (IANS)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
Imran Khan axes Finance Minister amid IM...
Notice to Samsung for not passing GST cu...
Rural India yet to recover from disrupti...
Honda Accord recalls 3,669 units for fal...
Stock markets fall in early trading ahea...
US dollar falls against major currencies...
More...
 
INDIA WORLD ASIA
ED seizes Rs 82 crore gold from Hyderaba...
PIL in SC: Misquoting judicial orders is...
Four possible toehold spots for BJP in K...
Millions vote in second round of Lok Sab...
64% polling recorded in second phase in ...
BJP will get 'Vidai certificate' post po...
More...    
 
 Top Stories
Notice to Samsung for not passing G... 
Siriwardana, Vandersay, Mendis in S... 
Continue to be sensitive to #MeToo ... 
Russell skips training after injuri... 
'Fuh se Fantasy' is different conce... 
PIL in SC: Misquoting judicial orde... 
Four possible toehold spots for BJP... 
Millions vote in second round of Lo...