Top steelmakers may rebid for BPSL assets

Case may set precedent for India's insolvency resolution framework

- DEV CHATTERJEE

The Supreme Court (SC) directive to liquidate Bhushan Power and Steel may rekindle interest among major domestic and international steelmakers looking to expand capacity, according to people familiar with the matter.

The company, once a key acquisition under the Insolvency and Bankruptcy Code (IBC), had previously drawn bids from Tata Steel and the UK-based Liberty House, during the insolvency auction. It was eventually acquired by JSW Steel. Under JSW, Bhushan Power's operations expanded from 2.75 million tonnes to 4.5 million tonnes.

"All major steel players with India operations, including global majors, may evaluate the asset," said a banker, adding, "but it's too early".