Top steelmakers likely to rebid for distressed Bhushan Power & Steel assets

SC's order to liquidate Bhushan Power may prompt renewed interest from top steel companies, but investor concerns grow over reversals of long-settled IBC deals

The Supreme Court (SC) directive to liquidate Bhushan Power and Steel may rekindle interest among major domestic and international steelmakers looking to expand capacity, according to people familiar with the matter. The company, once a key acquisition under the Insolvency and Bankruptcy Code (IBC), had previously drawn bids from Tata Steel and the UK-based Liberty House, during the insolvency auction. It was eventually acquired by JSW Steel. Under JSW, Bhushan Power’s operations expanded from 2.75 million tonnes to 4.5 million tonnes.

 

“All major steel players with India operations, including global majors, may evaluate the asset,” said a banker, adding,