JSW prepares war chest to bid for toxic assets

To bid for 4 assets with combined debt of Rs 109,000 crore next month

JSW Steel has emerged as the most aggressive bidder for stressed steel assets. The country’s largest steel maker is vying to buy 9.9 million tonnes of additional capacity and increasing its lead over its nearest competitor, Tata Steel. But JSW would require a hefty cash chest that could service Rs 60,000 crore of additional debt if it wins the race for all the four companies, according to banking sources.

Among the stressed assets on offer, JSW Steel plans to bid for Bhushan Steel, Bhushan Steel & Power, Monnet Ispat and Jaypee Infratech next month. The four toxic firms owe close to