Latest news with #BhushanPowerandSteel
Business Recorder
31-07-2025
- Business
- Business Recorder
India's top court to revisit order scrapping JSW Steel's $2.3 billion Bhushan Power deal
India's top court said on Thursday it would reconsider its order that quashed Indian steelmaker JSW Steel's $2.3 billion takeover of Bhushan Power and Steel, saying the order did not correctly consider past precedents. In May, the Supreme Court rejected JSW Steel's deal for Bhushan Power and Steel six years after it was first approved, unsettling buyers of other distressed assets and casting a shadow over Indian bankruptcy reforms introduced in 2016. JSW Steel subsequently asked the top court to review its ruling. On Thursday, judges heard the review plea and said the verdict quashing the deal did not correctly consider the legal position established by past precedents. 'We therefore find this a fit case wherein the judgment under review needs to be recalled and the matter needs to be considered afresh,' the top court added. India's JSW Steel says low priced imports a concern after profit beats estimates In May, while quashing the deal, the Supreme Court had said there was an 'entire spectrum of lacunas and flaws' in the takeover process and decided to scrap one of the most successful insolvency deals in India's history. The top court ordered the liquidation of Bhushan Power and asked banks to return funds which they had recovered during JSW's takeover. However, weeks later it paused the liquidation proceedings, allowing time for JSW Steel to seek a review of the verdict. The Supreme Court will hear the case next on August 7.
&w=3840&q=100)
Business Standard
20-07-2025
- Business
- Business Standard
Need to look at safeguard extension and rate levied: JSW's Jayant Acharya
Q1 was disrupted by plant maintenance shutdowns at Dolvi and Bhushan Power and Steel (BPSL), which had an impact on our costs both for capex and operations premium Ishita Ayan Dutt Kolkata Listen to This Article The interim safeguard duty of 12 per cent has cushioned the Indian steel industry from cheap imports, but JSW Joint Managing Director and Chief Executive Officer Jayant Acharya tells Ishita Ayan Dutt in an audio interview that tariff uncertainties are leading to trade diversions from Russia and Asean countries, and India needs to wall up to support private capex in steel industry. Edited excerpts: The provisional safeguard is for 200 days. Are you in favour of a longer duration safeguard? Yes. In Europe, it has been valid for multiple years. In addition, Europe has anti-dumping on various countries. Then they
Mint
18-07-2025
- Business
- Mint
JSW Steel Q1 consolidated net profit at ₹2184 crore rises 158% year-on-year
JSW Steel Q1 Results: JSW Steel on Friday, July 18, said its consolidated net profit for the first quarter of the ongoing financial year 2025-26 (Q1 FY26) stood at ₹ 2,184 crore, a growth of 158% year-on-year compared to ₹ 845 crore in the year-ago quarter. The revenue from operations of ₹ 43,147 crore was slightly higher compared to ₹ 42,943 in the year-ago quarter. The operating EBITDA for the quarter reported by the company stood at ₹ 7,576 crore, with a 17.6% margin. The reported EBITDA increased by 37% year-on-year, which the company attributed to the rising volumes and lower coking coal costs. The consolidated steel sales for the quarter stood at 6.69 million tonnes, higher by 9% year-on-year compared to 6.12 million tonnes in the same quarter last year. The institutional as well as retail sales volumes were higher by 12% YoY, highlighted the company. Domestic steel sales volume at 5.96 million tonnes increased 12% year-on-year. Exports, however, fell 20% year-on-year and constituted 7% of sales from the Indian operations for Q1 FY26, hurt by weak international demand amid tariff uncertainties. Consolidated crude steel production for the quarter stood at 7.26 million tonnes, higher by 14% year-on-year compared to 6.35 MT. Capacity utilisation at the Indian operations was 87% during the quarter compared to 93% in the previous quarter of Q4 FY25, impacted by planned maintenance shutdowns. The company's net gearing (net debt-to-equity) stood at 0.95 times at the end of the quarter, compared to 0.94 times at the end of Q4 FY25, and net debt to EBITDA was 3.20x, compared to 3.34x at Q4 FY25. As of June 30, 2025, net debt was ₹ 79,850 crore, an increase from ₹ 3,287 crore as of March 31, 2025. This increase was mostly attributable to working capital investments, as per JSW Steel. JSW Steel, regarding the Supreme Court Judgement in Bhushan Power and Steel, said that it has filed a Review Petition before the Supreme Court on June 25, 2025, in respect of the Supreme Court Judgement of May 2, 2025. The Committee of Creditors and the Resolution Professional have also filed separate review petitions. The review petitions will be listed in the Supreme Court in due course. The Supreme Court of India had cancelled JSW Steel's 2019 acquisition of Bhushan Power and Steel (BPSL), directing the liquidation of BPSL, and investors thereby are keenly watching the progress in the matter. The Order of the Supreme Court dated 26th May 2025 in JSW's Special Leave Petition directed the status quo in respect of proceedings before NCLT for implementation of the SC Judgment until the Review Petition is decided.
Time of India
28-06-2025
- Business
- Time of India
BPSL's ex-RP files review plea in SC over cancellation of JSW Steel takeover
Bhushan Power and Steel 's ( BPSL ) former resolution professional (RP) Mahender Khandelwal has filed a review petition in Supreme Court which has cancelled JSW Steel 's resolution plan for the company, according to sources in the know. The apex court had on 2 May cancelled the five year old takeover of Bhushan Power and Steel by JSW Steel . The RP has claimed that certain documents were overlooked in the judgement. He claims he had undertaken a review to ensure JSW Steel's past connection with BPSL was checked. He also claimed he had filed the Form H as required from an RP. He also claims he sought relevant extension from NCLT and NCLAT for condoning delays in the resolution process. The Supreme Court had found several flaws in the resolution process including delays in implementation of the resolution plan by JSW Steel. It had said creditors received payments with a delay of 540 days. The RP has also claimed he had filed avoidance applications to identify and rectify transactions that were undertaken under BPSL's former management that were detrimental to the company's interest. As per established procedure, the RP is supposed to identify wrongful transactions and report them to national company law tribunal. The apex court in its judgement had found deficiencies on this count as well by BPSL's RP.
Time of India
27-06-2025
- Business
- Time of India
BPSL's ex-RP files review plea in SC over cancellation of JSW Steel takeover
Bhushan Power and Steel 's ( BPSL ) former resolution professional (RP) Mahender Khandelwal has filed a review petition in Supreme Court which has cancelled JSW Steel 's resolution plan for the company, according to sources in the know. The apex court had on 2 May cancelled the five year old takeover of Bhushan Power and Steel by JSW Steel. The RP has claimed that certain documents were overlooked in the judgement. He claims he had undertaken a review to ensure JSW Steel 's past connection with BPSL was checked. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Algiers: Bathroom Remodeling Trends in 2025 May Surprise You Bathroom Remodeling | Search Ads Search Now Undo He also claimed he had filed the Form H as required from an RP. He also claims he sought relevant extension from NCLT and NCLAT for condoning delays in the resolution process. The Supreme Court had found several flaws in the resolution process including delays in implementation of the resolution plan by JSW Steel. It had said creditors received payments with a delay of 540 days. Live Events The RP has also claimed he had filed avoidance applications to identify and rectify transactions that were undertaken under BPSL's former management that were detrimental to the company's interest. As per established procedure, the RP is supposed to identify wrongful transactions and report them to national company law tribunal. The apex court in its judgement had found deficiencies on this count as well by BPSL's RP.
