JSW Steel pays Rs 19,350 cr to creditors of Bhushan Steel, completes acquisition of Bhushan Power & Steel Ltd

JSW Steel on Friday said it has paid Rs 19,350 crore to the financial creditors of Bhushan Power & Steel Ltd towards implementation of the resolution plan for acquiring the company.

With the move, JSW Steel has closed the acquisition of Bhushan Power & Steel Ltd (BPSL).

“Pursuant to the implementation of resolution plan, the inter-alia included payment of Rs 19,350 crore to the financial creditors of BPSL and merger of SPV with BPSL, PSL (Piombino Steel Ltd) holds 100 per cent equity shares in BPSL,” JSW Steel said in a filing to BSE.

JSW Steel further said a sum of Rs 8,614 crore was arranged in Piombino Steel Ltd, a wholly-owned subsidiary of the company,