Mumbai: JSW Steel is committed to acquiring bankrupt Bhushan Power and Steel, despite the investigations of fraud at the company and the undue delay in lenders to the sick steel mill turning over control to JSW. At the annual shareholder’s meeting, Sajjan Jindal, Chairman, JSW Steel, told reporters, “Our intent to take over Bhushan Power and Steel hasn’t changed. The resolution is taking unduly long but we are still keen. I see news reports on JSW pulling out of Bhushan or reducing the bid; we won’t do that.”
However, MVS Seshagiri Rao, Joint MD and Group CFO, told reporters that JSW Steel has asked the NCLT for protection from litigation on the BPSL asset after control has changed hands. “Today, under the IBC, we only see a discussion on the rights of lenders. We also need to look at the rights of resolution applicants. In many cases, there is a lot of litigation coming in after control has changed hands.
