The last date to submit the bids now is February 3, 2018.
"The liquidation value has been set at Rs 150 billion, below that the bid will not be accepted. Looking at the competition, JSW Steel 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.
JSW Steel has decided to bid for Bhushan Steel, maker of auto-grade steel in India, in a team. It has roped in its Japanese business partner JFE Steel Corp and Piramal Enterprises, which is the flagship firm of Piramal Group, for the purpose.
According to the information on Bhushan Steel Ltd website, the company is the 3rd largest secondary steel producer in the country with an existing steel production capacity of 5.6 million tonne per annum.