India’s JSW wins bid for Bhushan Power and Steel

Photo: Reuters

The committee of creditors of Bhushan Power and Steel Ltd have issued a letter of intent to India’s largest private steelmaker JSW Steel Ltd, thus approving the latter’s resolution plan for the distressed 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.

Continue reading this story with a subscription to DealStreetAsia.

Subscribe

Contact us for corporate subscriptions at subs@dealstreetasia.com.