Bhushan Power & Steel is not just JSW Steel’s most aggressive bet to date but also the only stressed asset under the Insolvency and Bankruptcy Code for which it has gone alone.
For Monnet Ispat & Energy, JSW tied up with AION and the latter was the senior partner. In Bhushan Steel, it had bid with Piramal.
However, JSW has put in the highest offer for Bhushan Power at Rs 193.5 billion in the rebid and hasn’t opted for a partnership.
It is early days, according to JSW Steel Joint Managing Director and Group Chief Financial Officer Seshagiri Rao, as the matter.....