The committee of creditors of Bhushan Power and Steel Ltd have issued a letter of intent to India’s largest private steelmaker JSW Steel Ltd, thus approving the latter’s resolution plan for the distressed steel mill. JSW Steel will now pay Rs19,700 crore ($6.28 billion) in upfront cash to Bhushan Power and Steel’s lenders and infuse ₹350 crore in the steelmaker to revive it.
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