JSW Steel’s $2.7 billion purchase of Bhushan Power faces fresh legal test
JSW Steel Ltd.’s $2.7 billion purchase of a bankrupt steel mill is facing a fresh hurdle after a former chairman of Bhushan Power & Steel Ltd. challenged the deal in the country’s top court.
Sanjay Singal filed a petition on Monday against a ruling by a bankruptcy tribunal that had approved the deal earlier this month, according to the Supreme Court’s website. The petition hasn’t yet been allotted a date for a hearing. A JSW spokesman declined to comment.
Bidders for India’s bankrupt steel mills have faced repeated delays in their attempts to buy indebted assets.
