JSW offer Rs 300 bn for Bhushan Steel, Rs 50 bn more than Tata's bid

JSW Steel, one of India’s leading integrated steel manufacturers with a capacity of 18 million tonnes per annum (mtpa), has offered Rs 300 billion to take over debt-laden Bhushan Steel, Rs 50 billion more than rival bidder Tata Steel’s offer, according to a source close to the development.

The takeover, if successful, would boost JSW Steel’s capacity by 5.6 mtpa, even as the lenders would have to take a 50 per cent haircut on their dues, totalling Rs 590 billion.

JSW Steel, already set to acquire Monnet Ispat, is also planning to bid for Bhushan Power and Steel, for which