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Steel Limited.
The leader of creditors’ consortium, State Bank of India, had filed an insolvency resolution
against Bhushan Steel in July, 2017 for recovery of over Rs44,000 crore. In August 2017,
IRP Vijay Kumar Iyer had verified the claim of over 44,498 crore made by a committee of
In December 2017, NCLT had granted a 90-day extension to the IRP to submit a final
The resolution period for Bhushan Steel would end on 22 April, after NCLT granted a 90-day
extension beyond the initial mandate of 180 days, to the committee of creditors in December 2017.
NCLT's principal bench on 15 May 2018 had approved Tata Steel's resolution plan for
debt-ridden Bhushan Steel under the Insolvency and Bankruptcy Code (IBC)
Tata Steel Ltd has offered an upfront payment of Rs35200 crore to lenders, along with a
12.27% stake in the steel maker, according to its resolution plan. This plan was approved
by the committee of creditors (CoC) for Bhushan Steel with a 99.8% majority vote after
According to the resolution plan, Tata Steel has also proposed to pay salary dues to
The resolution plan also proposes to pay back Bhushan Steel’s operational creditors to the
extent of Rs1,000 crore and an additional Rs200 crore on a pro rata basis spread over one
Tata Steel, through its subsidiary, completed the acquisition of controlling stake of 72.65% in
Bhushan Steel for around Rs36,400 crore after emerging as the winning bidder in an insolvency
auction.
14 Feb 2019
JSW Steel will now pay Rs.19700 crore in cash to Bhushan Power and Steel's lenders and
infuse ₹350 crore. Bhushan Power and Steel is the second insolvent firm acquired by JSW Steel
In the initial round of bidding, Bhushan Power and Steel received bids of ₹11,000 crore
from JSW Steel, ₹17,000 crore from Tata Steel Ltd and ₹18,500 crore from Liberty House.
Tata Steel had challenged the validity of Liberty House's and JSW Steel's bid in court,
which it For now, JSW Steel will have to solo for acquisition of Bhushan Power
JSW Steel will not be able to seek an equity partner in initial stage of acquisition of
JSW Steel is the highest bidder for BPSL, with an upfront cash payment of ₹19,350 crore
On 25 October 2018, directors of JSW Steel approved in-principle a rights issue of up to ₹5,000
crore to fund the potential acquisition of BPSL. Besides, the management had indicated that were
it to win the asset, it would bring in a financial partner to partly finance the acquisition cost.
However, now it seems that JSW Steel will have to fork out the entire cost of acquisition on its
own.
05 Sep 2019
JSW bid about ₹19,700 crore, higher than rivals Tata Steel and Liberty House Group
The National Company Law Tribunal (NCLT) on 5 September 2019 approved JSW
Steel Ltd.’s $2.7 billion bid for Bhushan Power & Steel Ltd., the second major steel asset
the mill has bagged under the nation’s new insolvency process.
The NCLT approved the offer while stating that profits made by Bhushan Power during
Bhushan Power will add 3.5 million tons a year of capacity to the Sajjan Jindal-led mill’s
operations and establish the Mumbai-based company’s footprint in the eastern part of the
country. JSW bid about ₹19,700 crore, higher than rivals Tata Steel Ltd. and Liberty House
Group.