JSW Steel has received letter of intent (LoI) from the resolution professional of Bhushan Power & Steel Limited (BPSL), taking the country's largest steelmaker a step closer towards acquisition of the insolvent company.
The development comes more than a week after the National Company Law Appellate Tribunal (NCLAT) on February 4, turned down Tata Steel’s request to consider its bid as the ‘most legitimate’ one for BPSL. Confirming the development, a source told The Hindu , “The resolution plan will be submitted to the National Company Law Tribunal after company's approval.” JSW Steel topped Tata Steel’s offer of ₹17,000 crore with ₹19,650 crore bid.
