International Steel Mills
February 13, 2017
JSW Steel Bids for Bhushan Steel
Written by Sandy Williams
JSW Steel has presented a bid to acquire Bhushan Steel for approximately $3.75 billion and gain a 55 percent majority stake. The deal includes taking over Bhushan Steel’s debt which is estimated at $6.68 billion.
Bhushan Steel defaulted on its interest payments in August 2014 and has been working with State Bank of India and Punjab National Bank to restructure its loan or arrange a sale. Sources report that the Bhushan management is not supportive of the acquisition and JSW is negotiating with the lenders directly.
