In a recent development in the country’s steel sector, JSW Steel is all set to bag Rs.29,700 crore deal for acquiring the Bhushan Steel and has agreed to pay Rs.28,000 crore upfront and the rest in equity, said sources. The company is believed to have bid aggressively after the committee of creditors decided to negotiate only with the highest bidder. On the other hand, Tata Steel reportedly placed a bid of about Rs.24,000 crore for Bhushan Steel, which has a steel-making capacity of 5.6 million tons and owes Rs.44,478 crore to banks. Meanwhile, global metal major ArcelorMittal is speeding up the sale of its stake in bankrupt Uttam Galva Steel to make it eligible to bid for Bhushan Steel. Currently, the Insolvency and Bankruptcy Code does not allow promoters of defaulting companies to bid for a stressed asset. The deadline for bidding has already expired and the name of winning bidder, which is a foregone conclusion, will be announced shortly.
📅Published on:
08 February 2018
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