Both parties submitted binding offers that are above the liqidation value for the company. Vedanta, which was widely expected to bid for the company did not submit an offer. JSW was a late entrant to the bidding process and had not submitted an expression of interest initially.
All the above parties had conducted detailed due diligence on the company including physical inspection of plants and attended a pre-bid conference after they were given access to a virtual data room containing information about the company’s financials and various documents supporting it.
ArcelorMittal, also initially amongst prospective bidders for the company, withdrew from the bidding process after conducting due diligence.
Mahender Khandelwal, head of restructuring services at audit and advisory firm BDO is the resolution professional for Bhushan Power and Steel. He could not be reached for comment.