JSW Steel has received a Letter of Intent (LoI) from the Insolvency Resolution Professional (IRP) of Bhushan Power and Steel, declaring it the highest bidder for the stressed asset.
The letter was sent late on Tuesday, said a source close to the development.
JSW Steel has to review the approved resolution plan sent along with the letter before accepting the offer. The development takes JSW Steel closer to acquiring Bhushan Power, provided there is no arbitrary insertion of clauses by the IRP or the stressed company’s Committee of Creditors (CoC), he added.
