Tata Steel has publicly announced that the bidding process for Bhushan Power has been compromised. This statement comes at a time when JSW Steel was declared as the biggest bidder by the Committee of Creditors (CoC).
“If the resolution process is defined, everyone should follow it,” said, TV Narendran, global CEO & MD, Tata Steel. “We don’t have a problem with Liberty or JSW Steel, but there was a last day for bidding,” he added.
Tata Steel had put in a bid for ₹ 17,000 crores for Bhushan Power, while the revised bid of JSW Steel stood at ₹ 18,000 crores. While Tata’s contested the bid, JSW followed through with an even bigger bid of ₹ 19,500 crores.