Sajjan Jindal's JSW Steel revises offer for Bhushan Power to Rs 180 billion

In a dramatic twist, Sajjan Jindal's JSW Steel has revised its offer for Bhushan Power & Steel to Rs 180 billion, prompting the committee of creditors (CoC) to invite fresh offers from bidders.

JSW Steel sent a letter with the revised offer to the CoC on Thursday night, a day before the committee's meeting to finalise the offer. JSW is offering lenders an upfront payment of Rs 180 billion.

Sources close to the development said the CoC on Friday gave time to the bidders to revise their offers by 9 am on July 31. A CoC meeting will be held at 10