JSW enters race for Tata Steel's UK business

Sajjan Jindal-owned firm one of the seven bidders; deal would add 5.5-mt capacity

The Supreme Court has scrapped JSW Steel’s ₹19,700-crore resolution plan for Bhushan Power and Steel Ltd (BPSL), terming it “illegal” and ordering the liquidation of the debt-ridden company. Earlier, the plan was approved by BPSL’s Committee of Creditors.

JSW Steel

The Supreme Court has scrapped JSW Steel&rsquo;s ₹19,700-crore resolution plan for Bhushan Power and Steel Ltd (BPSL), terming it &ldquo;illegal&rdquo; and ordering the liquidation of the debt-ridden company. Earlier, the plan was approved by BPSL&rsquo;s Committee of Creditors. On this, the apex court stated that the plan violated insolvency law.&nbsp;

The logo of JSW is seen on the company's headquarters in Mumbai. Photo: Reuters

In 2014, JSW Steel unsuccessfully bid to buy some assets from Italy's 2nd-largest steelmaker, Lucchini.

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JSW enters race for Tata Steel's UK business

JSW Steel bids for Tata UK assets: Sources