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Amid high drama, JSW, Tata emerge as serious bidders for Bhushan Steel

Employees of Bhushan Steel also submit an offer for the company

Dev Chatterjee & Ishita Ayan Dutt  |  Mumbai/ Kolkata 

The logo of JSW is seen on the company's headquarters in Mumbai. Photo: Reuters
The logo of JSW is seen on the company's headquarters in Mumbai. Photo: Reuters

Sajjan Jindal-owned and have emerged as the two serious bidders for as binding bids closed on Saturday. The employees of have also submitted an offer for the company. said it had not put in a bid for the company. was sent for debt resolution under the after it failed to repay Rs 440-billion debt. An e-mail sent to Deloitte, the resolution professional for Bhushan Steel, did not elicit any reply. Amid high drama, JSW, Tata emerge as serious bidders for Bhushan Steel spokesperson said: “can confirm it has not bid for Bhushan Steel, but we remain interested at looking at future opportunities in India.” Deloitte has now decided to open the three bids only on Tuesday afternoon, almost 72 hours after the bid closing time. Bids double the liquidation value of at Rs 150 billion were expected.

However, how much the banks would recover upfront remains to be seen. Senior employees of said that the bid by employees was backed by the entire management team except promoter Around 400 employees are supporting the resolution plan. operates a 5.6 million tonnes per annum capacity plant in Odisha. Both JSW and Mittal were eyeing the plant to enter the eastern market. was one of the top 12 identified by the Reserve Bank of India for debt resolution in June last year. has already emerged as a winner of Monnet Ispat, while Anil Agarwal’s Vedanta is the top bidder of Electrosteel Steels, which would give Agarwal an entry into the steel industry in the country.

First Published: Mon, February 05 2018. 00:01 IST
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