JSW Steel eyes Bhushan Power acquisition as SC sets Nov 3 final hearing

Jindal had offered Rs 19,700 crore to lenders as upfront cash for takeover of the company

With the final Supreme Court (SC) hearing scheduled for November 3, JSW Steel is hoping to see an end to its long-awaited acquisition of insolvent Bhushan Power & Steel. The latter had defaulted on bank loans worth Rs 48,000 crore. It was among the first 12 companies sent for debt resolution by banks in July 2017, following recommendations by the Reserve Bank of India.

Even after multiple investigations by the Enforcement Directorate (ED) and several adjournments by the SC, the acquisition of Delhi-based Bhushan Power has proved elusive for Sajjan Jindal-owned JSW Steel for more than a year.

Jindal had offered Rs