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JSW may double its bid to Rs 300 bn for debt-laden Bhushan Steel: Sources

On Jan 24, insolvency resolution professional of Bhushan Steel had extended deadline for submission of resolution plans to Feb 3 from Jan 25

Press Trust of India  |  New Delhi 

JSW may double its bid to Rs 300 bn for debt-laden Bhushan Steel: Sources

In a bid to give tough competition to competitors, is expected to double its bid value for debt-laden Bhushan Steel, a source privy to the development said.

The last date to submit the bids now is February 3, 2018.

On January 24, the insolvency resolution professional (IRP) of had extended the deadline for submission of resolution plans to February 3, 2018 from January 25, 2018.

"The liquidation value has been set at Rs 150 billion, below that the bid will not be accepted. Looking at the competition, is expected to double its bid amount. It can be between Rs 250 billion to Rs 300 billion," the source said.

Liquidation value is the minimum value set for a stressed asset by the committee of creditors. Below that bid will not be accepted.

Luxembourg-based multinational steel firm and domestic industry are also in the race for Bhushan Steel, which is undergoing insolvency proceedings.

Steel has decided to bid for Bhushan Steel, maker of in India, in a team. It has roped in its Japanese partner and Piramal Enterprises, which is the flagship firm of Piramal Group, for the purpose.

Bhushan Steel, one of the 12 non-performing accounts referred by the for (NCLT) proceedings, owes an amount of Rs 444.78 billion to its lenders.

According to the information on Ltd website, the company is the 3rd largest in the country with an existing of 5.6 million tonne per annum.

First Published: Sun, January 28 2018. 11:57 IST
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