Tata Steel, JSW, Liberty House submit revised bids for Bhushan assets

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

Tata Steel, Liberty House and JSW have submitted bids for the second time to acquire debt-laden Bhushan Power and Steel Ltd, sources in the know of the matter said.

The bids were submitted to Committee of Creditors (CoC) late last night by the three parties, a source said.

On August 6, the National Company Law Appellate Tribunal (NCLAT) had extended the deadline for submission of revised bids for BPSL by one week on the plea of Tata Steel, a resolution applicant in this.

"The CoC is at present evaluating the three bids and will inform its decision to the NCLAT on August 17," said the source.

"Liberty House has addressed certain issues raised by the CoC," a Liberty House official said but refused to comment on submission of bids.

According to reports, JSW is the only one who has submitted a revised bid of Rs 197 billion.

While Tata Steel did not comment, an email query sent to JSW Steel 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 through an insolvency process.

BPSL owes about Rs 450 billion to its lenders. It was among the 12 non-performing accounts referred by the Reserve Bank of India for NCLT proceedings.

BPSL is a fully integrated 3.5 million tonne per annum (MTPA) steel making company. It is a leading manufacturer of flat and long products.