JSW Steel Tuesday went procedurally a step closer to acquiring an asset in bankruptcy-induced ownership change after the administrator overseeing the sale of Bhushan Power and Steel issued a letter of intent (LoI) in favour of India’s biggest maker of the alloy. JSW Steel had made a Rs 19,650-crore offer, which included upfront payment of Rs 19,300 crore, with another Rs 350 crore earmarked for operational creditors, according to sources close to the development. — The Economic Times

L&L Partners advised JSW Steel Limited led by a team of Lead partner Bikash Jhawar, partner Manmeet Singh, and other lawyers Avinash Subramanian, Abdullah Hussain, GR Bhatia, Aivan Raj, Pranav Tolani.

Cyril Amarchand Mangaldas advised the committee of creditors in the insolvency.

Shardul Amarchand Mangaldas appeared for the resolution professional.

2019-02-08

Deal value: USD 2.8 billion

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