JSW Completes Acquisition Of Bhushan Power And Steel
JSW Group subsidiary, JSW Steel Ltd transferred Rs 19,350 crore to a Punjab National Bank to complete the acquisition of Bhushan Power and Steel (BPSL). With this, it bought the three-and-a-half-year-old resolution process to an end. JSW Steel was chosen as the winning bidder for BPSL’s assets in September 2019, and the resolution plan was approved by NCLT soon after.Â
The company offered to pay Rs 19,350 crore to the financial creditors, with the lenders taking a nearly 60% haircut. Further, the firm offered to pay Rs 350 crore to operational creditors, against their admitted claims of Rs 700 crore. The acquisition paves way for JSW steels to enter the mineral-rich eastern India, which has so far been dominated by state-owned SAIL and Tata Steel.