Piramal Enterprises joins JSW, JFE to bid for Bhushan Steel

As per initial plans, JFE Steel will keep over 50% in the business and the rest will be divided between JSW Steel and Piramal Enterprises, the source said.

By PTI | Jan 25, 2018, 11.37 PM IST

NEW DELHI: Piramal Enterprises will join JSW Steel and its Japanese business partner JFE Steel Corp to bid for debt-laden Bhushan Steel, a source privy to the development said.

As per initial plans, JFE Steel will keep over 50% in the business and the rest will be divided between JSW Steel and Piramal Enterprises, the source said. “JSW Steel along with JFE Steel and Piramal will bid for Bhushan Steel. JSW Steel will keep minority stake with itself, some will be with Piramal and a majority say over 50-60% will be with JFE Steel but the operational power will be with the steel maker,” the source said while requesting anonymity.

Email queries sent to Piramal Enterprises and JSW Steel for a response remained unanswered. Piramal Enterprises is flagship firm of Piramal Group and its investments span across pharma, information management and financial services.

The insolvency resolution professional (IRP) has already extended the last date for submitting bids for Bhushan Steel till February 3, 2018 from January 25 earlier.

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