An Indian bankruptcy tribunal approved JSW Steel Ltd.’s $2.7 billion bid for Bhushan Power & Steel Ltd., the second major steel asset the mill has bagged under the nation’s new insolvency process.
The National Company Law Tribunal approved the offer Thursday while stating that profits made by Bhushan Power during the insolvency period must be distributed to creditors, in accordance with a ruling by a higher tribunal in a case involving ArcelorMittal-Essar Steel India Ltd.