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JSW Steel’s Acquisition of Bhushan Power & Steel Rejected by Court
May 5, 2025
JSW Steel’s acquisition of Bhushan Power & Steel was rejected by India’s Supreme Court, ruling that the deal violated bankruptcy laws. Despite JSW completing the takeover in 2021 with approval from creditors and the bankruptcy court, the top court ordered Bhushan Power to be liquidated, stating that the resolution plan did not meet legal requirements and lenders failed in their due diligence. The decision is a major setback for JSW, which had significantly ramped up production at Bhushan and counted it as a key subsidiary. The company is reviewing the court order before deciding on next steps. JSW’s shares fell nearly 8% following the news.
JSW Steel’s dollar bonds traded stable with its 3.95% 2027s at 95.5, yielding 6.49%.
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