Bhushan Power & Steel CoC To Consider Revised Bids Today - Report

- Aug 15, 2018-

Business Line reported that the Committee of Creditors will consider the revised bids for Bhushan Power and Steel on Tuesday as the deadline for three final bidders, JSW Steel, Tata Steel and Liberty House, to revise their bids ended on Monday.

Meanwhile, the Supreme Court last Friday refused to stay the NCLAT order that allowed the three bidders to submit revised bids. A bench led by justice RF Nariman directed the NCLAT to “hear and pass final orders as expeditiously as possible” and also asked the lawyers not to seek any adjournment on August 17, the day the appellate tribunal is slated to hear the case.

The race to acquire the stressed Bhushan Power, which defaulted on INR 47,000 crore loan, took an interesting turn after JSW Steel increased its bid to INR 19,000 crore from INR 11,000 crore, a day before CoC was suppose to place all the highest bid for voting. The revision of bids by JSW Steel is expected to push the value of assets and the lenders are expected to receive bids in excess of INR 22,000 crore

Bhushan Power has an installed capacity of 3.5 million tonnes per annum in Odisha, and three downstream units.

Source : Business Line

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