Tata Steel’s offer stood at Rs 17,000 crore and Liberty House’s bid was retained at Rs 18,500 crore
JSW Steel has emerged as the highest bidder for Bhushan Power and Steel (BPSL), with a revised offer of nearly Rs 19,700 crore, beating Tata Steel and Liberty House, sources told CNBC-TV18.
Tata Steel and Liberty House did not revise their bids, even though a source close to Liberty House said certain technical elements of the bid have been tweaked. Tata Steel’s offer stood at Rs 17,000 crore and Liberty House’s bid was retained at Rs 18,500 crore.
JSW Steel had offered Rs 11,000 crore for debt-ridden Bhushan Power. The National Company Law Appellate Tribunal (NCLAT) had extended the date for submission of bids to August 13.
The lenders will submit all bids to NCLAT before final hearing on August 17. The NCLAT had stayed the meeting of Committee of Creditors (CoC) on July 17, when the vote for finalisation of highest bidder for BPSL was going to take place.
BPSL’s lenders had rejected Liberty House’s resolution plan earlier, citing delay. Following this, the UK-based group moved the National Company Law Tribunal (NCLT).