Bhushan Steel is the largest manufacturer of auto-grade steel in India, making flat products, hot rolled and cold rolled coils, besides operating a galvanised coil and sheet line. A JSW spokesperson declined requests for comment while emails sent to the interim resolution professional of Bhushan Steel and Tata Steel were yet to receive any response. According to the people cited above Tata Steel Ltd has also bid for Bhushan Steel but the value of the bid was not immediately known . The liquidation value of Bhushan Steel was earlier fixed at Rs20,000 crore, the people cited above said. Bhushan Steel is among the 12 cases identified by the Reserve Bank of India for early bankruptcy proceedings.

Source: Mint February 07, 2018 18:50 UTC