JSW Steel takes the lead in Bhushan Power & Steel race

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26 Aug, 2025 12:21

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JSW Steel has taken a lead in the Bhushan Power & Steel race, with its bid garnering 66.6 percent of the lenders' vote.

Lenders of the stressed steelmaker had begun voting on October 15, and a day later, JSW Steel's offer had got the minimum percent of votes required.

The other companies in the fray include Tata Steel and Liberty House.

The voting had taken place after a lull of two months in the auction. In August, JSW Steel had surprised everyone by upping its bid to Rs 19,700 crore, upping bids of Tata Steel (Rs 17,000 crore) and Liberty House (Rs 18,500 crore).

"JSW Steel's bid had got 66 percent of the votes by Tuesday noon itself. It would probably end up with 95 percent of the votes," said an executive.

The latest development though may not be the final word in a race that had many a twist. Tata Steel and Liberty House could still revise their bids.

Bhushan Power & Steel, which was owned by the Delhi-based Singhal family, has a debt of over Rs 45,000 crore. This would mean the banks would be forced to take a significant haircut if JSW Steel's is the final offer.