While the contours of the JSW/JFE bid are being worked out, the understanding is that Ajay Piramal's private equity-arm and JFE will have sizeable equity, with JSW holding the rest. JSW will get operational control of Bhushan Steel if they win the bid.JFE has had a seven-year association with JSW and holds a 15% minority equity stake in the Indian steelmaker. "JFE will take a final call in a few days, whether they are intending to join JSW in bidding for Bhushan Steel," the executive said on Tuesday. Unsure about JFE's final nod, JSW also has a plan B ready, he added.Bhushan Steel faces ₹55,868 crore in claims from financial creditors. JFE allied with JSW when it needed a technology partner to make valueadded steel, such as electrical steels and auto-grade steel.

Source: Economic Times January 25, 2018 03:33 UTC