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Read more about JSW may double its bid to Rs 300 bn for debt-laden Bhushan Steel: Sources on Business Standard. On Jan 24, insolvency resolution professional of Bhushan Steel had extended deadline for submission of resolution plans to Feb 3 from Jan 25

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jsw may double its bid to rs 300 bn for debt

JSW may double its bid to Rs 300 bn for debt-

laden Bhushan Steel: Sources

In a bid to give tough competition to competitors, JSW Steel is expected to

double its bid value for debt-laden Bhushan Steel, a source privy to the

development said.

The last date to submit the bids now is February 3, 2018.

On January 24, the insolvency resolution professional (IRP) of Bhushan Steel had

extended the deadline for submission of resolution plans to February 3, 2018

from January 25, 2018.

"The liquidation value has been set at Rs 150 billion, below that the bid will not be

accepted. Looking at the competition, JSW Steel is expected to double its bid

amount.

It can be between Rs 250 billion to Rs 300 billion," the source said.

liquidation value is the minimum value

Liquidation value is the minimum value set for a stressed asset by the committee

of creditors. Below that bid will not be accepted.

Luxembourg-based multinational steel firm ArcelorMittal and domestic industry

major Tata Steel are also in the race for Bhushan Steel, which is undergoing

insolvency proceedings.

JSW Steel has decided to bid for Bhushan Steel, maker of auto-grade steel in

India, in a team. It has roped in its Japanese business partner JFE Steel Corp and

Piramal Enterprises, which is the flagship firm of Piramal Group, for the purpose.

Bhushan Steel, one of the 12 non-performing accounts referred by the Reserve

Bank of India for National Company Law Tribunal (NCLT) proceedings, owes an

amount of Rs 444.78 billion to its lenders.

According to the information on Bhushan Steel Ltd website, the company is the

3rd largest secondary steel producer in the country with an existing steel

production capacity of 5.6 million tonne per annum.

Article By - Business Standard