In all cash deal, JSW Set to Acquire Bhushan Steel For $6.28 billion
India’s largest private steelmaker JSW Steel Ltd receives a letter of intent from the committee of creditors of Bhushan Power and Steel Ltd, thus approving the Bhushan steel resolution plan for the steel mill.
JSW Steel will now pay Rs19,700 crore ($6.28 billion) in upfront cash to Bhushan Power and Steel’s lenders and infuse ₹350 crore in the steelmaker to revive it.
Bhushan Power and Steel is the second insolvent firm acquired by Sajjan Jindal-led JSW Steel after Monnet Ispat and Energy Ltd last year.
Bhushan Power and Steel operates a 3.5 million tonne (mt) steel plant in Odisha. Under its earlier promoter Sanjay Singhal, the company had accumulated debt of more than₹47,000 crore. It was one of firms in Reserve Bank of India’s “dirty dozen” list of NPA accounts referred to ...