The Apex court said that JSW should have completed the acquisition only by capital instead of with a combination of equity and optionally convertible obligations
It is likely that Sajjan Jindal – JSW Steel controlled is an appeal against the order of the Supreme Court after the liter rejected the offer of 19,350 million rupees of the largest steel to acquire Bhushan Power and Steel Ltd and enruption of corporate through the corporate liquidation of BPSL.
The company is exploring all legal options and is also in contact with the lenders, who could also join JSW, the largest steel manufacturer in India by volume, to appeal against the order.
Sources to know Business lineThat it is likely to be a final decision in the next 10 days with the prioritization of greater steel of the legal battle as its first important step.
“It is a priority, and all the options are being explored,” said an official of the ADJ company that: “JSW reserves the right to see a request for review.”
Bhushan represents approximately 12 percent or the annual production of JSW Steel or 34 million tons per year (MTPA). And about 10 percent of profits before interest and taxes.
JSW Steel did not respond to the consultations of Business line.
Incrib’s actions, said JSW’s options include presenting a request for review before the Supreme Court of article 137. “These requests are only entertained for very limited reasons, as an apparent error in the face of the registry, and if the other option, he said, is” to present a healing request as a last recursion. ” But this is also more restricted and is only allowed in cases in cases of justice of justice of Gross.
SC rejects the resolution plan
On May 2, the Supreme Court rejected the acquisition of BPSL JSW citing procedural and legal failures in what is now considered one of the high -profile corproate acquisitions and insolvency processes in the country. The case was persecuted by operational creditors or BPSL.
In 2021, JSW Steel acquired a 49 percent participation in BPSL through the corporate insolvency process. Allowed JSW access to 2.75 MTPA steel manufacturing capacity in Odisha. By October 2021, JSW Steel increased his participation to 83 percent.
However, last week, the Apex court said JSW should have completed the acquisition only for equity instead of a combination of capital and optionally convertible obligations. He also said that the company owned by Sajjan Jindal failed to complete the resolution plan within the prescribed timeline.
Bhushan plant: today
Located in Jharsuguda de Odisha, the production of estimated BPSL raw steel in fiscal year 2015 is around 3.38 TM, with an HRC capacity (rolled coil) or capacity of 1.2 mt or CRC (cold coil coil), the sources said.
The market intelligence firm, Bigmint, in a recent report, said BPSL produces value -added products such as sheets, pipes and cables coated with colors and cables.
The installation gave JSW Steel a presence in the east of India, complementing its western and southern operations of India. He also strengthened Steel-Mojor’s long-term growth strategy, which helped him move towards a 30MTPA steel production goal.
Do they hit acceleration plans?
JSW planned to increase BPSL to 5 MTPA capacities considering benefits of higher sales and realization of added value products (which also come with better margins).
“Moreover, the strategic importance of BPSL was in its location in the eastern part of India, where JSW has considerable tasks mining assets of iron ore,” the report mentioned. It is expected that the company’s notrabandha iron ore (in Odisha) will begin production in Q1Fy26 with an estimated capacity or 2 MTPA.
“But now, with the expansion of BPSL derailed by the court order, the objective of JSW or 50 MTP 65,000 che5,000.
Posted on May 5, 2025
