The Indian Supreme Court has allowed creditors of Bhushan Power to accept fresh bids. According to the most recent bids JSW Steel offered Rs 19,500 ($2.8 billion, per exchange rate on August 15) crore, Tata Steel resubmitted its original RS 17,000 crore ($2.4 billion) bid and Liberty House also resubmitted its Rs 18,000 crore ($2.6 billion) bid.
JSW Steel increased its offer by 77 percent from its original Rs 11,000 crore on February 8. The revised bids and the acceptance by the creditors of the highest bid, now JSW Steel, is to be submitted to the National Company Law Tribunal (NCLAT) by August 17.
While Tata Steel, the previously announced highest bidder, is expected to continue with legal challenges to the order, the fact that the Supreme Court allowed the updated bidding to continue will likely translate to a final winner announced this week based primarily on the bid amount.