JFE-JSW, ArcelorMittal, Vedanta to bid for Bhushan Steel next week

Bhushan Steel was taken to NCLT after it failed to repay banks Rs 570 bn, the largest non-performing asset in Indian banking

Japanese steel major JFE is taking the lead role in the consortium comprising JSW Steel and Bain-Piramal to make an aggressive bid for Bhushan Steel next week. 

The change in the consortium structure was necessitated after cash-rich ArcelorMittal and Vedanta decided to jump into the fray. Bain-Piramal is a fund seeking distressed assets and is jointly promoted by Bain Capital Credit and Piramal Enterprises.

Bhushan Steel was taken to the National Corporate Law Tribunal (NCLT) after it failed to repay banks Rs 570.00 billion, the largest non-performing asset in Indian banking.

For JFE-JSW Steel, the acquisition of Bhushan Steel is