JSW Steel sees mettle in bankrupt asset amid upturn in steel market

An upturn in the steel market has prompted the country's third-largest steel producer to up the ante on acquiring Bhushan Power

It’s unusual for a successful resolution applicant to try and implement a resolution plan with the overhang of two legal threats before the Supreme Court. But hectic parleys are on between JSW Steel and lenders to Bhushan Power & Steel (BPSL) to close a Rs 19,700-crore deal and bring down the curtains on a more than three-year-old corporate insolvency resolution process (CIRP).

It could be a calculated risk, however. The acquisition of debt-ridden BPSL would give JSW Steel a three-million-tonne asset at a time when the steel cycle has turned for the better; prices have scaled a two-year high in