India’s JSW Steel raises its offer for Bhushan Power & Steel to $2.7 bln

Indian steel manufacturer JSW Steel has raised its offer for peer Bhushan Power & Steel to 19,500 crore rupees ($2.7 billion), making it the highest among the three bids for Bhushan Power & Steel as Tata Steel and UK industrial and metals company Liberty House refrained from revising their proposals.

All the three bidders submitted their offers on Monday after the Supreme Court allowed the lenders of Bhushan Power to accept fresh bids.

JSW Steel had initially offered $1.5 billion in the first round closed on February 8. In the last week of July, it revised the bid to $2.5 billion, soon after the lenders informed Tata Steel that JSW Steel was the top bidder after the first round.

While JSW Steel raised its bid that was already revised once, Tata Steel and Liberty House resubmitted their original offers of $2.4 billion and $2.5 billion, respectively. JSW Steel’s latest offer is 77 percent higher than its original bid.