 "Workers coming out from the Bhushan Steel Plant")
The Sajjan Jindal-led JSW Steel has submitted a bid of Rs 25,000 crore to banks for the debt-laden Bhushan Steel.
Sources close to the development indicated the deal would include taking over the debts of Bhushan Steel, which were Rs 44,477.90 crore in 2015-16, at a substantial discount. However, the Bhushan Steel management is not on board with the deal and JSW Steel is dealing with the lenders directly.
Bhushan Steel’s market capitalisation was Rs 1,202.79 crore at the close of trade on Tuesday. An e-mail to JSW Steel went unanswered. Text messages and calls to Bhushan Steel also did
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