Tata Steel highest bidder for Bhushan Steel, offers Rs 100 bn more than JSW

Bhushan Steel was sent for debt resolution by its lenders after it failed to repay its dues worth Rs 560 billion

Tata Steel has overtaken JSW Steel and emerged as the highest bidder for Bhushan Steel, according to sources close to the development.

Tata Steel is said to have offered Rs 360 billion and the gap between the two bids could be Rs 100 billion.

Bhushan Steel was sent for debt resolution by its lenders after the company failed to repay its dues worth Rs 560 billion under the Insolvency and Bankruptcy Code 2016.

The financial bids for Bhushan Steel were opened at the lenders' meeting held in New Delhi on Friday. With this acquisition, Tata Steel would be adding a