Bhushan Steel auction: JSW Steel, Tata Steel, company's employees interested bidders

Bhushan Steel auction: JSW Steel, Tata Steel, company's employees interested bidders

Bhushan Steel auction: JSW Steel, Tata Steel, company's employees interested bidders

In addition to this joint bid and Tata Steel's offer, a third group comprising some Bhushan Steel employees also placed a bid for the company, the sources added.

JSW Steel said on Sunday that it has submitted resolution plans for Bhushan Steel, which is undergoing insolvency proceedings. It will be interesting to see if the group of 400-500 employees of Bhushan Steel, who have reportedly submitted a resolution plan in partnership with a Singapore-based firm, will be able to recreate a David versus Goliath win.

A Tata Steel spokesman declined to comment when asked if the company had bid for Bhushan Steel, but said: "looking at strategic growth is an ongoing process".

The highest bidder would to announced on Tuesday.

Mumbai: Sajjan Jindal-controlled JSW Steel has sought permission to acquire 2,980 acres for a mega steel plant at Paradip in Odisha and has also sought the green nod for the project.

JSW Steel said meanwhile that it had submitted resolution plans on Saturday, before the 6 pm deadline.

"We are actively looking at Bhushan Steel, Bhushan Power & Steel and Monnet Ispat & Energy".

Bhushan Steel, one of the 12 non-performing accounts referred by the Reserve Bank of India for National Company Law Tribunal (NCLT) proceedings, owes Rs 44,478 crore to lenders.

Bhushan Steel's annual capacity of 5.6 million tonne-according to its website it is the third largest secondary steel producer in the country-could give it a leg up.

"We have applied for 2,980 acre to set up a steel plant and are awaiting the final approval from Odisha".

JSW Steel, which is first time entering mineral rick Odisha state, had originally proposed to set up a 10 mtpa capacity shore-based steel plant. The state is expected to hand over land it had acquired originally for a 12 mtpa steel project proposed by Korea's POSCO, inJagatsinghpur district.

JSW Steel is also scouting for three stressed assets and bidding for Bhushan Steel and Bhushan Power & Steel and Monet Ispat which are all at the NCLT.

Essar Steel, Monnet Ispat and Electrosteel Steels are the other major players in this space now undergoing bankruptcy proceedings.

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