On October 17, SteelOrbis reported that JSW Steel was set to acquire Bhushan Power and Steel Ltd (BPSL) given the overwhelming creditors’ approval. Tata Steel, though, continued to legally contest the legality of the higher revised bid. On December 20, the National Company Law Appellate Tribunal (NCLAT) reserved its order on BPSL and directed both Tata Steel and JSW Steel to file written submissions and final bids.
In early January, a Tata Steel spokesperson stated that Tata Steel would “stay with original bid.” The lack of a revised higher bid finally gives way for JSW Steel to finalize the acquisition.
Tata Steel acquired Bhushan Steel and Usha Martin as parts of its growth strategy to reach 30 million mt installed capacity by 2025. Additionally, it has started a 5 million mt expansion of its unit at Kalinganagar, Odisha. JSW Steel lost the bid for Usha Martin, but it is has actively acquired assets in India and other countries such as the US. Additionally, it is expanding capacity at sites such as its facility in Vijayanagar.