News  STEEL & METAL NEWS

Piramal Enterprises joins JSW, JFE to bid for Bhushan Steel

964 times viewed
Source: PTI
Saturday, January 27, 2018

 NEW DELHI: Piramal Enterprises will join JSW Steel and its Japanese business partner JFE Steel Corp to bid for debt-laden Bhushan Steel, a source privy to the development said. 


As per initial plans, JFE Steel will keep over 50% in the business and the rest will be divided between JSW Steel and Piramal Enterprises, the source said. "JSW Steel along with JFE Steel and Piramal will bid for Bhushan Steel. JSW Steel will keep minority stake with itself, some will be with Piramal and a majority say over 50-60% will be with JFE Steel but the operational power will be with the steel maker," the source said while requesting anonymity. 

Email queries sent to Piramal Enterprises and JSW Steel for a response remained unanswered. Piramal Enterprises is flagship firm of Piramal Group and its investments span across pharma, information management and financial services. 
 
The insolvency resolution professional (IRP) has already extended the last date for submitting bids for Bhushan Steel till February 3, 2018 from January 25 earlier.  


Comments:



Post Your Comment:

Name:*
    
E-mail:*
    
Comments:*
    


Also Read:

»

Tata steel wants to bid afresh for Electrosteel on MAT relief

»

Piramal Enterprises joins JSW, JFE to bid for Bhushan Steel

»

JSW not keen on Essar Steel, to focus on Jharkhand and Odisha

»

Budget 2018: Secondary steel makers demand removal of import duty on scrap

»

JSW commits Rs 10,000 crore investment in Bengal

»

NALCO sets target of achieving a turnover of Rs 18,171 crore by 2024

»

NALCO lines up 3 projects, invests Rs 25,000 crore

»

Steel companies upset over hike in iron ore prices

»

About 22% hike in iron ore prices to increase production cost of steel

»

Mesco keen to buy struggling steel companies

News  NEWS ARCHIVE
   
Home | Recent News | Privacy Policy | Disclaimer | Feedback | Sitemap | Contact Us

© Copyright Power Hub 2012-2014, All rights reserved.