JSW Steel Ltd permitted to acquire Bhushan Power & Steel Ltd

Mumbai-based Indian steel making company, JSW Steel Ltd recently approved permission from the National Company Law Appellate Tribunal on Monday (NCLAT) to acquire Bhushan Power & Steel Ltd.

While JSW steel is to acquire the firm for Rs 19,700 crore, it would be immuned from the acts of former promoters of the Bhushan Power, as per the ruling of the apex court. Enforcement Directorate would still continue the money laundering prosecution against the former Bhushan power’s promoters.