JSW Acquires Bhushan Power & Steel In Biggest Takeover
BPSL Has An Integrated Steel Unit In Odisha's Jharsuguda
Mumbai: Sajjan Jindal-led JSW Steel has acquired Bhushan Power and Steel Ltd (BPSL), which has an integrated steel unit of 2.5 million tonnes per annum capacity at Jharsuguda in Odisha.
After closing the acquisition on Friday, Sajjan Jindal in an email to BPSL employees wrote: “This is an important milestone as it is the largest acquisition in the history of JSW Steel.”
“This acquisition not only aligns with our core business and purpose but also establishes our presence and accelerates our growth vision in eastern India,” he added.
The transaction will see a payment of Rs19,350 crore to BPSL’s lenders, The Print reported.
According to Business Standard, the curtains were drawn on the deal despite litigations in the Supreme Court as the firm and the lenders wanted to close it before March 31.
The lenders, who waited for a year-and-a-half after the National Company Law Tribunal (NCLT) approved the resolution plan for payment, would stand to realise 41.03 per cent on claims of Rs 47,157.99 crore, the report added.
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