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JSW may not pursue Essar Steel if it wins Bhushan Power & Steel - Report

Steel News - Published on Thu, 18 Oct 2018

Image Source: SteelGuru
Mint, citing said two people close to the development, reported that JSW Steel Ltd may not pursue its interest in buying out bankrupt Essar Steel if it wins the stressed Bhushan Power and Steel Ltd instead. The report quoted a source as saying that “This is a much better strategic fit for JSW Steel, given its proximity to JSW’s flagship plant in Vijaynagar, Karnataka. If JSW wins this, it doesn’t make sense to pursue Essar Steel, which is much larger at 10 million tonnes, costs much more and is on the west coast.”

According to a few members of Bhushan Power and Steel’s committee of creditors (CoC) that Mint spoke to, bankers are overwhelmingly in favour of JSW Steel’s offer for the stressed plant. The final decision can only be announced by the National Company Law Appellate Tribunal (NCLAT), but banks are keen to go with the highest offer, the banker said.

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Posted By : Sanju Moirangthem on Thu, 18 Oct 2018
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