New Delhi: JSW Steel has submitted a resolution plan of Rs 19,700-crore to the Committee of Creditors of debt-laden Bhushan Power and Steel Ltd, a source in the know of the matter said.
Besides JSW Steel, Tata Steel and Liberty House have also submitted bids to acquire the special steel maker Bhushan Steel and Power Ltd (BPSL) which is under the insolvency process.
The bids were submitted for the second time to the CoC late night on August 13. Now the CoC will inform the NCLAT tomorrow about the bids received by the interested parties.
"JSW Steel has submitted Rs 19,700 crore (resolution) plan to the CoC. The entire amount is upfront amount," the source said. According to reports, Tata Steel has made an offer of Rs 17,000 crore and Liberty House's resolution plan is of around Rs 19,000 crore. Email queries sent to three companies seeking their response remained unanswered.
Sajjan Jindal-led JSW Steel, Tata Group firm Tata Steel and UK-based Liberty House are competing with each other to acquire BPSL. BPSL owes about Rs 45,000 crore to its lenders.
It was among the 12 non-performing accounts referred by the Reserve Bank of India for NCLT proceedings. BPSL with a production capacity of 3.5 million tonne per annum (MTPA) is a leading manufacturer of flat and long products.