Mumbai: The committee of creditors of Bhushan Power and Steel Ltd have issued a letter of intent to India’s largest private steelmaker JSW Steel Ltd, thus approving the latter’s resolution plan for the distressed steel mill. JSW Steel will now pay Rs19,700 crore in upfront cash to Bhushan Power and Steel’s lenders and infuse ₹350 crore in the steelmaker to revive it.
Bhushan Power and Steel is the second insolvent firm acquired by Sajjan Jindal-led JSW Steel after Monnet Ispat and Energy Ltd last year.
