India’s JSW Steel to pay $2.8 bln for Bhushan Power and Steel

02/14/2019 2:38:00 PM (GMT)

Indian steel products maker JSW Steel Ltd, part of JSW Group, has won the bid to take over its rival Bhushan Power and Steel Ltd.

Under the terms, JSW Steel will now pay 19,700 crore rupees ($2.8 billion) in upfront cash to Bhushan Power and Steel's lenders.

Initially, Bhushan Power and Steel received bids of $1.5 billion from JSW Steel, $2.4 billion from Indian steelmaker Tata Steel Ltd. and $2.6 billion from metals company Liberty House.

In 2017, JSW Steel generated $11 billion in revenue.

JSW Steel Ltd.

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