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Sajjan Jindal-controlled JSW Steel is likely to partner Piramal-Bain fund in an effort to make a joint bid for the unlisted Bhushan Power and Steel, currently undergoing insolvency.
An e-mail to JSW officials remained unanswered, and a Piramal group spokesperson didn't respond to messages.
JSW Steel is among the six companies selected from the EoI submission stage. Others selected are: Tata Steel, Vedanta, AION Capital, an investor from the UAE and Bhushan Power & Steel’s promoter Sanjay Singal.
Mahender Kumar Khandelwal, insolvency professional for Bhushan Power, and leader and partner of business restructuring at BDO India LLP, declined to comment on
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