Piramal Enterprises joins JSW
Piramal Enterprises will join JSW Steel and its Japanese business partner JFE Steel Corp to bid for debt-laden Bhushan SteelBSE -2.68 %, a source privy to the development said.
As per initial plans, JFE Steel will keep over 50% in the business and the rest will be divided between JSW Steel and Piramal Enterprises, the source said. “JSW Steel along with JFE Steel and Piramal will bid for Bhushan Steel. JSW Steel will keep minority stake with itself, some will be with Piramal and a majority say over 50-60% will be with JFE Steel but the operational power will be with the steel maker,” the source said while requesting anonymity.