JSW has partnered with at least two private equity funds, Aion Capital and Bain-Piramal fund, to bid for distressed steel assets. Photo: BloombergMumbai: JSW Steel Ltd is tapping overseas bond investors to raise $1 billion to fund its plan to buy distressed assets in India, two people directly aware of the plans said. JSW Steel had also submitted bids for Bhushan Steel Ltd and Bhushan Power and Steel Ltd. In case of Bhushan Steel, JSW lost out to Tata Steel Ltd, which has been declared the highest bidder. Fitch Ratings said that it has revised the outlook on JSW Steel to reflect the company’s robust profitability from improved industry fundamentals and a measured approach to capacity expansion which will enable JSW Steel to deleverage steadily over the next few years.

Source: Mint March 11, 2018 18:45 UTC