Sunday, February 17, 2019

JSW Steel gets Bhushan Power and Steel

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Bankers of Bhushan Power and Steel have issued a letter of intent to India's largest private steelmaker JSW Steel Ltd, thus approving the latter's resolution plan for the distressed steel mill. JSW Steel will now pay Rs 19,700 crore in upfront cash to Bhushan Power and Steel's lenders and infuse around Rs 500 crore in the steelmaker to revive it.

Bhushan Power and Steel is the second insolvent firm acquired by JSW Steel after Monnet Ispat and Energy Ltd last year.

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