Deals
Bhushan Power Lenders Back JSW's $2.7 Billion Offer
- Company chosen as preferred bidder by majority of creditors
- JSW Steel picked over rival suitors Tata Steel, Liberty House
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Creditors of Bhushan Power & Steel Ltd., a major debt-laden Indian mill, are poised to name JSW Steel Ltd. as the preferred bidder in a sale seen as a key test of the country’s new bankruptcy law, people familiar with the matter said.
A majority of Bhushan Power’s lenders selected the JSW proposal as the best offer, according to the people, who asked not to be identified because the information is private. JSW bid about 196 billion rupees ($2.7 billion), higher than rivals Tata Steel Ltd. and Liberty House Group, Bloomberg News reported in August.