JSW tops Tata, Liberty with Rs 197 bn bid for Bhushan Power and Steel

JSW Steel has submitted a resolution plan of Rs 197 billion (Rs 19,700 crore) to the Committee of Creditors of debt-laden Bhushan Power and Steel Ltd, a source in the know of the matter said.

Besides JSW Steel, Tata Steel and Liberty House have also submitted bids to acquire the special steel maker Bhushan Steel and Power Ltd (BPSL) which is under the insolvency process.

The bids were submitted for the second time to the CoC late night on August 13. Now the CoC will inform the NCLAT on Friday about the bids received by the interested parties.

"JSW Steel has submitted Rs 197 billion (Rs 19,700 crore) (resolution) plan to the CoC. The entire amount is upfront amount," the source said.

According to reports, Tata Steel has made an offer of (Rs 170 billion) Rs 17,000 crore and Liberty House's resolution plan is of around Rs 190 billion (Rs 19,000 crore).
 

Email queries sent to three companies seeking their response remained unanswered.

Sajjan Jindal-led JSW Steel, Tata Group firm Tata Steel and UK-based Liberty House are competing with each other to acquire BPSL.
 

BPSL owes about Rs 450 billion (Rs 45,000 crore) to its lenders. It was among the 12 non-performing accounts referred by the Reserve Bank of India for NCLT proceedings. BPSL with a production capacity of 3.5 million tonne per annum (MTPA) is a leading manufacturer of flat and long products.