Bids submitted for Bhushan Steel Limited – To be opened on Tuesday
PTI reported that with Saturday was the last day for submitting bids, JSW Steel+ Piramal Enterprises, Tata Steel and a consortium of employees of Bhushan Steel in partnership with a Singapore based fund have placed a bid for acquiring the stressed asset of Bhushan Steel while JFE, ArcelorMittal, Liberty House, SAIL and Vedanta, which were earlier reported to eying these assets, did not submit bids. The bids were submitted on Saturday at the Gurgaon office of Deloitte, whose Vijaykumar V Iyer is the IRP (insolvency resolution professional) for Bhushan Steel. Now all eyes are on the next round of the auction, which is the opening of bids on Tuesday.
JSW Steel said on Sunday that it has submitted resolution plans for Bhushan Steel
A Tata Steel spokesperson however declined to comment.
A senior official from the company told Moneycontrol “The bid by Bhushan Steel’s staff is backed by 400 of the company's employees across the organization, including the plants, and also from across hierarchy.”
ArcelorMittal said in a statement that it has not submitted resolution plan Bhushan steel.
A source close to Liberty House, owned by NRI billionaire Sanjeev Gupta, said “The company hasn't submitted a bid.”
While the exact bid amounts couldn't be ascertained, it is believed to be around the Rs 28,000-30,000 crore mark. That is nearly twice the liquidation value of Rs 15,000 crore.
Bhushan Steel, one of the 12 non-performing accounts referred by the Reserve Bank of India for National Company Law Tribunal (NCLT) proceedings, owes INR 44,478 crore to its lenders. As per Bhushan Steel’s website, it is the third largest secondary steel producer in the country with annual capacity of 5.6 million tonne y in Ghaziabad (Uttar Pradesh), Khopoli (Maharashtra) and Dhenkanal (Odisha).
Source : PTI