NCLT approves JSW Steel’s ₹19,700 crore bid for Bhushan Power & Steel
The National Company Law Tribunal (NCLT) today approved JSW Steel Ltd.’s $2.7 billion bid for Bhushan Power & Steel Ltd., the second major steel asset the mill has bagged under the nation’s new insolvency process.
The NCLT approved the offer while stating that profits made by Bhushan Power during the insolvency period must be distributed to creditors, in accordance with a ruling by a higher tribunal in a case involving ArcelorMittal-Essar Steel India Ltd.
Bhushan Power will add 3.5 million tons a year of capacity to the Sajjan Jindal-led mill’s operations and establish the Mumbai-based company’s footprint in the eastern part of the country. JSW bid about ₹19,700 crore, higher than rivals Tata Steel Ltd. and Liberty House Group.
