JSW Steel makes Rs 19,700 crore offer for Bhushan Power and Steel

JSW Steel makes Rs 19,700 crore offer for Bhushan Power and Steel

JSW Steel Ltd has submitted a resolution plan of Rs 19,700 crore to the committee of creditors (CoC) of debt-laden Bhushan Power and Steel Ltd (BPSL), sources said. Besides JSW Steel Ltd, Tata Steel Ltd and Liberty House have also submitted bids to acquire BPSL, which is under the insolvency process. The second round of bidding was submitted for late night on 13 August. Bhushan Power and Steel owes about Rs 45,000 crore to its lenders. It was among the 12 non-performing accounts referred by the RBI for National Company Law Tribunal (NCLT) proceedings. BPSL with a production capacity of 3.5 million tonne per annum (mtpa) is a leading manufacturer of flat and long products.

Read More at Livemint News date : 17 Aug 2018, Friday

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