Corporate

Tata Steel may not increase earlier bid of Rs 170 bn for Bhushan Power

Tata Steel Thursday indicated that it was unlikely to raise its Rs 170 billion bid for debt-ridden Bhushan Power and Steel. When asked if Tata Steel was still keen on Bhushan Power and Steel, company MD T V Narendran said, At the price we have bid. Tata Steel reportedly has objected to lenders of Bhushan Power and Steel Ltd (BPSL) finalising a bid of its rival JSW Steel Ltd. What we have said is that process has been compromised It is not about who bid. Court will decide based on it immediately, he added. The auction process for debt ridden Bhushan Power has been compromised, Tata Steel said on Thursday, making its first public comment on the bidding race where it was overtaken by JSW Steel even after being declared as the highest bidder by the company’s Committee of Creditors. We don’t have a problem with Liberty or JSW Steel but there was a last day of bidding. In the case of Electrosteel we had bid and didn’t get it but we respected that decision, he added.

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