Latest News | JSW Steel Expansion Plan on Track Despite SC Order on BPSL: Jayant Acharya

New Delhi, Jul 18 (PTI) JSW Group on Friday said its expansion plan will not be impacted by the Supreme Court order to set aside the acquisition of Bhushan Steel and Power Ltd (BSPL) through the insolvency process.

JSW Steel Joint MD and CEO Jayant Acharya, in an earnings call, said that BPSL was not part of the brownfield expansion that the steel company took into account while setting the 50 million tonnes capacity target by 2030-31.

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"In our 50 MT tonne outlook (expansion) that we have given up to 2030-31, BPSL was not part of the brownfield expansion that which we have taken into account. So therefore, it will not impact our target which we have given," Acharya said, in an earnings call, said while replying to a question if the acquisition of BPSL asset going into legalities will affect JSW Steel's expansion plans.

He also said that the company has filed a review in Supreme Court for BPSL case and believes there is a strong ground for the same.

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"For that 0.5 MnT (expansion) we will take a view. That is the only one (expansion) basically to be decided (after the SC decision on BPSL)," Acharya said.

Located in Odisha's Jharsuguda, BPSL recorded a crude steel production capacity of 3.38 million tonnes (MT) in FY25.

JSW Steel had envisaged ramping up BPSL's capacity to 5 MT, eyeing to benefit from the higher sales and realisations from value-added products such as colour-coated, galvanised sheets, pipes and wires.

In 2019, JSW Steel had won the bid to acquire Bhushan Power & Steel under the IBC for a little less than Rs 20,000 crore. BPSL has an operating capacity of 4.5 MT as of now.

JSW Steel said the Committee of Creditors and Resolution Professional have also filed separate review petitions. The review petitions will be listed in the Supreme Court in due course.

The Supreme Court has directed status quo in respect of proceedings before NCLT for implementation of the SC judgment until the review petition is decided.

"We, along with our legal advisors, have analysed the matter and are of the view that we have strong grounds to pursue the Review Petition," he said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)