JSW Steel Ltd.'s revised bid for Bhushan Power and Steel Ltd. came out on top, beating rivals Tata Steel Ltd. and Sanjeev Gupta's Liberty House Group, The Hindu Business Line reported Aug. 14, citing sources close to the development.
The company increased its bid to 197.0 billion Indian rupees from 190.0 billion rupees.
Meanwhile, Tata Steel kept its initial bid of 170.0 billion rupees, and Liberty House increased its bid by 5 billion rupees to 190.0 billion rupees.
The national company law tribunal asked for rebids after the first round of bidding, which Tata Steel won, as other bidders requested a chance to increase their offers. Tata Steel's petition to the Supreme Court against the rebidding was denied.
The proposal of the two highest bidders, JSW and Liberty House, will be submitted to the tribunal for approval Aug. 17.
With the acquisition, JSW can upgrade Bhushan Power's capacity to 5 million tonnes per annum from 3.5 Mtpa with a 15.0 billion rupee investment.
As of Aug. 14, US$1 was equivalent to 70.02 Indian rupees.