Tata Steel and JSW Steel submit bids for Bhushan Power & Steel - Report
Mint, citing two people with direct knowledge of the development, reported that Tata Steel Ltd and JSW Steel Ltd have submitted binding bids for Bhushan Power and Steel Ltd. The report quoted a source as saying that “The bids, accompanied by the respective resolution plans, will be referred to Competition Commission of India for approval before a buyer is chosen.”
As per report “The liquidation value and the fair value have been fixed at INR 9,000 crore and INR 24,000 crore, respectively.”
Mahender Kumar Khandelwal, leader and partner of business restructuring at BDO India Llp, was named the interim resolution professional for the company.
According to the people cited earlier, while Bhushan Power had received expressions of interest from as many as 13 potential suitors including Vedanta Ltd and ArcelorMittal, only Tata Steel and JSW Steel had submitted binding bids by the 2pm deadline on Thursday.
As per report “The liquidation value and the fair value have been fixed at INR 9,000 crore and INR 24,000 crore, respectively.”
Mahender Kumar Khandelwal, leader and partner of business restructuring at BDO India Llp, was named the interim resolution professional for the company.
According to the people cited earlier, while Bhushan Power had received expressions of interest from as many as 13 potential suitors including Vedanta Ltd and ArcelorMittal, only Tata Steel and JSW Steel had submitted binding bids by the 2pm deadline on Thursday.
Posted By : Ratan Singh on Fri, 09 Feb 2018