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Power Today Magazine | Tata Steel offers Rs 170-bn bid for Bhushan Power

Tata Steel offers Rs 170-bn bid for Bhushan Power

PSU hydropower firms to build Rs.25k-crore projects in Bhutan
BMC to focus on completion of Goregaon–Mulund link road

Web Exclusive  /  February

Tata Steel seems to be emerging the highest bidder for Bhushan Power and Steel. According to sources close to the development, Tata Steel has offered to pay Rs 17000 crore to financial creditors against JSW’s Rs 11,000 crore. Around 13 companies had submitted expressions of interest. Some did not qualify and only five were provided access to the virtual data room. The liquidation value of Bhushan Power was estimated to be around Rs 9,000 crore and the fair value around Rs 25,000 crore. Bhushan Power was one of the few companies where lenders had pressed for a fair value much before the insolvency regulator made it mandatory. The committee of creditors is likely to be guided by an average of the liquidation value and the fair value. The company’s debt stood at Rs 37,200 crore in 2015-16. Net sales were at Rs 7,700 crore and losses at Rs 2,436 crore. The dues, however, have now risen to Rs 47,000 crore.


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17 Oct 2016REPLY

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20 Sep 2016REPLY

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