Insolvency process: Sajjan Jindal's JSW makes top bid for Bhushan Power

JSW's revised offer stands at Rs 193.5 billion in the second round of bidding, up from Rs 110 billion

Sajjan Jindal-controlled JSW Steel has made the highest bid for Bhushan Power & Steel in the second round of bidding for the asset in going through the insolvency process. The bids were opened on Tuesday.

JSW’s revised offer stands at Rs 193.5 billion, up from Rs 110 billion submitted in February. Bhushan Power owes its lenders around Rs 470 billion.

Tata Steel, which had been selected as the highest qualified bidder twice over in the first round, kept its offer unchanged at Rs 166 billion, but improved the payout to operational creditors from Rs 1 billion to Rs