Tata Steel, JSW, Liberty House submit bids for debt-ridden Bhushan Power & Steel's assets

On 6 August, the National Company Law Appellate Tribunal (NCLAT) had extended the deadline for submission of revised bids for Bhushan Power and Steel by one week on the plea of Tata Steel, a resolution applicant in this

Press Trust of India August 14, 2018 17:30:42 IST
Tata Steel, JSW, Liberty House submit bids for debt-ridden Bhushan Power & Steel's assets

New Delhi: Tata Steel, Liberty House and JSW have submitted bids for the second time to acquire debt-laden Bhushan Power and Steel Ltd, sources in the know of the matter said.

The bids were submitted to Committee of Creditors (CoC) late last night by the three parties, a source said.

On 6 August, the National Company Law Appellate Tribunal (NCLAT) had extended the deadline for submission of revised bids for BPSL by one week on the plea of Tata Steel, a resolution applicant in this.

"The CoC is at present evaluating the three bids and will inform its decision to the NCLAT on 17 August," said the source.

Tata Steel JSW Liberty House submit bids for debtridden Bhushan Power  Steels assets

Representational image. Reuters.

"Liberty House has addressed certain issues raised by the CoC," a Liberty House official said but refused to comment on submission of bids.

According to reports, JSW is the only one who has submitted revised bid of Rs 19,700 crore.

While Tata Steel did not comment, an email query sent to JSW Steel remained unanswered.

Sajjan Jindal-led JSW Steel, Tata Group firm Tata Steel and UK-based Liberty House are competing with each other to acquire BPSL through an insolvency process.

BPSL owes about Rs 45,000 crore to its lenders. It was among the 12 non-performing accounts referred by the Reserve Bank of India for NCLT proceedings.

BPSL is a fully integrated 3.5 million tonne per annum (MTPA) steel making company. It is a leading manufacturer of flat and long products.

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