Government Mulls Over Bhushan Power and Steel Liquidation Order

The government is set to finalize its response to the Supreme Court's liquidation order of Bhushan Power and Steel. Despite JSW Steel's failed acquisition bid, options exist for further legal action. Additionally, the IDBI Bank stake sale is anticipated to conclude within the year.

The government is currently deliberating the Supreme Court's ruling to liquidate Bhushan Power and Steel (BPSL). Department of Financial Services Secretary M Nagaraju stated that a decision is imminent.

A Supreme Court bench dismissed JSW Steel's Rs 19,350-crore acquisition bid for BPSL due to non-compliance with the resolution plan, impacting lenders who now face greater financial losses.

In related developments, the government anticipates concluding the IDBI Bank stake sale by year-end while considering merging state-owned insurers, maintaining the strategy to handle lender concerns strategically.

(With inputs from agencies.)