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Indian tribunal approves JSW Steel's bid for Bhushan Power and Steel

JSW Steel Ltd. secured approval from India's National Company Law Tribunal to acquire Bhushan Power and Steel Ltd., the second asset JSW purchased under the country's insolvency process, Bloomberg News reported Sept. 5.

JSW offered 197.0 billion Indian rupees to outbid rivals Tata Steel Ltd. and Liberty House Ltd. in August 2018. JSW is reportedly looking for a partner to take over Bhushan once the deal is completed. The company teamed up with AION Capital Partners Ltd to buy Monnet Ispat & Energy Ltd. for 37 billion rupees in April last year.

According to the report, JSW is required to distribute profits made by Bhushan during the insolvency period to creditors, pursuant to an earlier ruling by a higher tribunal in ArcelorMittal's proposed acquisition of Essar Steel India Ltd.

Bhushan, which has a capacity of 3.5 million tonnes per annum, is expected to help JSW with its goal of more than doubling its annual steelmaking capacity to 45 mtpa by 2031.

Several Indian banks are accusing Bhushan of misappropriating bank funds and manipulating books of accounts to raise funds from banks. Bloomberg News said the sale will not be affected by the criminal proceedings against the former founders of Bhushan.

As of Sept. 4, US$1 was equivalent to 71.99 Indian rupees.