The much delayed insolvency resolution proceedings for Bhushan Steel has finally made it to the second stage. Bids for the debt-ridden company were submitted day before yesterday-after being pushed back multiple times-and the highest bidder is expected to be announced tomorrow. In the running are JSW Steel, Tata Steel and a group of employees of Bhushan Steel along with a private equity firm, according to The Economic Times.
While the much-hyped bidding process for the maker of auto grade steel had generated a lot of interest at home and abroad, several interested parties-including ArcelorMittal, Steel Authority of India and UK-based Liberty House-ultimately did not submit resolution plans to Deloitte’s Vijaykumar V. Iyer, the appointed…
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