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Banks jittery as JSW's Rs 19,700-cr offer for Bhushan Power awaits NCLT nod

Bhushan Power was in the first list of 12 companies identified by the Reserve Bank of India for debt resolution in June 2017

IBC process: Bhushan Power is JSW Steel's most aggressive, biggest lone bet
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Dev Chatterjee Mumbai
JSW Steel’s cost for Bhushan Power and Steel’s acquisition has increased and at the same time banks awaiting payday from the stressed asset are feeling jittery as fresh litigation has hit the debt resolution of the company.

Sajjan Jindal-owned JSW Steel, which raised funds for making upfront payment to lenders for Bhushan Power acquisition, will have to incur additional cost as the money was raised as debt, warn company officials. Two weeks ago, JSW raised $500 million from overseas to fund the acquisition after declared as the highest bidder in March.

On April 23, the National Company Law Tribunal completed hearing arguments

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First Published: Apr 26 2019 | 11:17 PM IST

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