Offers for Bhushan Steel Stack Up
01/19/2018 - The interest in India’s ailing Bhushan Steel Ltd. appears to be piling up.
According to Indian financial portal moneycontrol.com, metals entrepreneur Sanjeev Gupta’s Liberty House Group has expressed interest in the business.
At the same time, Bhushan has extended a deadline for offers to 25 January.
Also, Japan’s JFE steel reportedly has joined – and taken the lead of – a consortium bid with JSW Steel, according to the Business Standard newspaper.
ArcelorMittal, Tata Steel, the Steel Authority of India Ltd. and the Vedanta Group, an iron ore miner, also are said to be submitting offers.
Bhushan Steel, and separately, Essar Steel, are two of 12 highly leveraged Indian companies that were forced into insolvency and bankruptcy proceedings last year by the Reserve Bank of India.
In Bhushan Steel’s case, the company reportedly owes lenders the equivalent of US$8.6 billion.
Bhushan is an integrated producer with 5.6 million metric tons of capacity. It owns the only cold-rolled sheet plant in India.
At the same time, Bhushan has extended a deadline for offers to 25 January.
Also, Japan’s JFE steel reportedly has joined – and taken the lead of – a consortium bid with JSW Steel, according to the Business Standard newspaper.
ArcelorMittal, Tata Steel, the Steel Authority of India Ltd. and the Vedanta Group, an iron ore miner, also are said to be submitting offers.
Bhushan Steel, and separately, Essar Steel, are two of 12 highly leveraged Indian companies that were forced into insolvency and bankruptcy proceedings last year by the Reserve Bank of India.
In Bhushan Steel’s case, the company reportedly owes lenders the equivalent of US$8.6 billion.
Bhushan is an integrated producer with 5.6 million metric tons of capacity. It owns the only cold-rolled sheet plant in India.
