Bhushan Power and Steel sale: JSW Steel emerges front-runner with Rs 19,700 cr bid

More than two-thirds of lenders to bankrupt Bhushan Power and Steel on Tuesday voted in favour of a revised offer by JSW Steel, turning on the heat in a contest for an asset that is being pursued by Tata Steel and UK’s Liberty House, according to people directly briefed on the matter. Sajjan Jindal-promoted JSW Steel has offered upfront payment of Rs 19,700 crore to banks in lieu of the loans they have to recover from debt-laden Bhushan Power and Steel (BPSL).