‘No second round of bids for Bhushan Power’

The Indian Express
May 02, 2018

Lenders to Bhushan Power and Steel (BPSL) have rejected the proposal for a second round of bidding for the troubled steel-maker, a development that could cheer UK-based Liberty House, which has submitted the highest bid for the beleaguered firm, though after the designated deadline. The other contenders — Tata Steel and JSW Steel — had submitted their bids within the February 8 deadline, but their bids were lower.

The rejection of a second round of bids means that the lenders would need to agree on the proposal to accept from bidders in the first round and proceed with the resolution process.

Sources close to the development said that BPSL’s lenders, led by state-run Punjab National Bank, did not find merit in the rebidding proposal, initiated by BPSL’s resolution professional (RP) Mahender Khandelwal. The reason for the RP to propose rebidding to the lenders was not immediately known, though this could have been with the intent of offering other bidders an opportunity to revise their bids.

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