Tata Steel Thursday indicated that it was unlikely to raise its Rs 17,000-crore bid for debt-ridden Bhushan Power and Steel. Around 90 percent of lenders of Bhushan Power and Steel Ltd (BPSL) has voted in favour of JSW Steel's bid of more than Rs 19,000 crore, sources told PTI last week.
When asked if Tata Steel was still keen on Bhushan Power and Steel, company MD T V Narendran said, "At the price we have bid."
Tata Steel reportedly has objected to lenders of Bhushan Power and Steel Ltd (BPSL) finalising a bid of its rival JSW Steel Ltd.
"What we have said is that process has been compromised. It is not about who bid. Because earlier when we went to NCLAT we felt that Liberty Steel had bid after the last date which we felt was a compromise of the process. JSW has also bid after the last date so that's our only point that the process has been compromised. There is nothing against any of our peers," Narendran explained.
"So, our agony is that the process has been compromised and court will decide based on it immediately," he added.
Tata Steel last month submitted before the NCLAT that lenders of BPSL permitted rival JSW Steel to change basic parameters of bids after submission.
JSW Steel had revised its offer from Rs 11,000 crore to little over Rs 19,000 crore.
Bhushan Power and Steel was among the 12 non-performing accounts referred by the RBI for NCLT proceedings.
When asked will there be any competition threat with the world's largest steel maker ArcelorMittal planning to enter Indian steel market, "That's fine. I think we encourage good competition. We compete ArcelorMittal in Europe, so we can compete with them in India as well. I think we are confident in our own equity with our customers."
Narendran further said that the company expects to complete the Usha Martin deal within next six months.
Tata Steel on Wednesday said its subsidiary Tata Sponge Iron will acquire the steel business of Usha Martin Ltd for Rs 4,300-4,700 crore.
First Published: IST