 "The logo of JSW is seen on the company's headquarters in Mumbai. Photo: Reuters")
JSW Steel and Piramal Enterprises will be bidding jointly on Saturday for Bhushan Steel, the stressed asset put for sale under the Insolvency and Bankruptcy Code (IBC). JFE, which was in discussion to take majority exposure in the consortium, has withdrawn from the process.
Bhushan is the biggest among the non-performing assets of Indian lenders among the list of 40 companies the Reserve Bank of India had directed be sent to the National Company Law Tribunal for debt resolution.
Sources said the letter from JFE came last week. Sajjan Jindal's JSW would be leading the consortium and has put its
