• Saturday, August 13, 2022

Business

India’s JSW Steel May Bid Independently for Bankrupt Essar Steel

Essar Steel’s bid amount is likely to be around 400 to 450 billion rupees. (Photo: AFP/Getty Images).

By: Radhakrishna N S

India’s steel company, JSW Steel is planning to obtain legal advice on the possibility of a fresh bid for bankrupt Essar Steel. The company may consider moving forward independently if its move is sensible in the light of recent order from the supreme court. Earlier, JSW and Numetal had jointly bid for Essar Steel. The top court in its last order ruled that steel producers, ArcelorMittal and Numetal must clear their respective dues in the Indian banks to meet the eligibility criteria under Indian bankruptcy norms to bid for Essar Steel. Essar Steel’s bid amount is likely to be around…

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