An Indian bankruptcy tribunal approved JSW Steel Ltd.’s $2.7 billion bid for Bhushan Power & Steel Ltd., making it the second asset the steelmaker has bagged under the nation’s insolvency process.
The National Company Law Tribunal approved the offer Sept. 5. Bhushan Power will add 3.5 million tons a year capacity to the Sajjan Jindal-led mill’s operations and expand the Mumbai-based company’s footprint to the eastern part of the country where it has no presence. JSW bid about 197 billion rupees, higher than rivals Tata Steel Ltd. and Liberty House Group.
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