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JSW Steel emerges front-runner for Bhushan Power; secures 66% votes from creditors

Updated : October 17, 2018 06:57 AM IST

JSW Steel, which emerged as the highest bidder for the debt-laden Bhushan Power, has taken a lead in the race by securing 66.6 percent of the lenders' vote, said sources familiar with the matter.

JSW became the top bidder by offering Rs 19,700, while other two contenders, Tata Steel and Liberty House, had offered Rs 17,000 crore and Rs 18,500 crore respectively.

Bhushan power is facing insolvency proceedings for the past 15 months under the Insolvency and Bankruptcy Code (IBC).
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