Photo: ReutersNew Delhi: JSW Steel and Piramal Enterprises are bidding jointly for Bhushan Steel after Japanese company JFE Steel Corp walked out of the alliance, a source in the know of the matter said. JSW Steel had roped in its Japanese business partner JFE Steel and Piramal Enterprises to bid jointly for Bhushan Steel, the maker of auto-grade steel in India undergoing insolvency proceedings for non-payment of dues. JSW Steel and Piramal Enterprises will now bid for Bhushan Steel,” the source said requesting anonymity. Besides JSW Steel, Luxembourg-based multinational steel firm ArcelorMittal and domestic industry major Tata Steel and are said to be in race for Bhushan Steel. JSW Steel reportedly had plans to offer Rs30,000 crore, double of the liquidation amount, for Bhushan Steel.

Source: Mint February 03, 2018 10:18 UTC