JSW Steel says optimistic about winning Court battle on BSAL

Posted By: Pti
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Mumbai, Jan 27 (PTI) Sajjan Jindal-led JSW Steel todaysaid it has paid Rs 210-crore to acquire the assets ofdebt-ridden Bellary Steel and Alloys (BSAL) and is veryoptimistic to win the on-going battle in the Delhi High Court.

"We have already paid Rs 210-crore to acquire the assetsof Bellary Steel and Alloys. There is some technical problem,but we hope it will be sorted out soon. We are working on itand will win the battle...," JSW Steel''s Joint ManagingDirector and Group CFO, Seshagiri Rao MVS, told reportersafter announcing the company''s result here.

Sesa Goa had recently secured a stay order from the DelhiHigh Court against the Industrial Financial Corporation ofIndia''s decision on the Bellary Steel sell-off.

"Our dispute is against the process followed by IFCI inthe bidding. We have already taken up the matter with theDelhi High Court, which stayed the sale (order)," Sesa Goa''sManaging Director, P K Mukherjee, had then said.

"Our dispute is with the process...we were the onlyqualified bidder initially and declared successful bidderverbally. Our people were told to come after lunch to collectthe allotment letter. When we came back after lunch, we weretold that there is another bidder and that bid is onlymarginally higher than our price," Mukherjee had said. (MORE)PTI KCJ JJ VKV

Last month, a consortium of lenders led by IFCI had declared JSW Steel as the highest bidder for acquiring theassets of Bellary Steel and Alloys (BSAL), where Sesa Goa wasthe only other qualified contender.

While Sesa Goa''s bid was at Rs 206-crore, slightly morethan the reserve price of Rs 205.63-crore, JSW quoted Rs210-crore for the assets of the Karnataka-based firm.

"Everything has been done legally and we are very clearon this (bid)," JSW Steel''s Director and CEO, Vinod Nowal,said.

According to the Delhi High Court website, the nexthearing has been scheduled for February 22.

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