JSW Steel gets LoI for Bhushan Power and Steel acquisition

JSW Steel has received a Letter of Intent (LoI) from the Insolvency Resolution Professional (IRP) of Bhushan Power and Steel, declaring it the highest bidder for the stressed asset.

Once the company accepts the LoI, the IRP, in consultation with the Committee of Creditors (CoC), will place the resolution plan before the NCLT for final approval. The entire process is expected to be completed by the first week of April.

JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products.