PE firms, lenders may take stake in Bhushan Power & Steel as part of revamp

The firm, with debt over Rs 40,000 cr, is facing proceedings under Insolvency and Bankruptcy Code

Private equity firms and lenders may take an exposure in Sanjay Singal-controlled Bhushan Power & Steel as part of the restructuring of the company.

Bhushan Power & Steel is facing insolvency proceedings under the Insolvency and Bankruptcy Code.

Last week, lenders decided to refer it to the National Company Law Tribunal (NCLT). To date, the company's debt is Rs 40,000 crore, which includes working capital.

Sanjay Singal, chairman and managing director of Bhushan Power & Steel, said that lenders were in discussions with two-three private equity firms. They were also likely to convert part of their loans