JSW Steel - Bhushan Power & Steel Resolution Timing Couldn't Have Been Better: ICICI Securities  
Signage for JSW Steel Ltd. is seen on the exterior of the company’s manufacturing facility in Dolvi. (Photographer: Dhiraj Singh/Bloomberg)

JSW Steel - Bhushan Power & Steel Resolution Timing Couldn't Have Been Better: ICICI Securities  

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

We view JSW Steel Ltd.’s announcement of the implementation of the resolution plan for the eventual acquisition of Bhushan Power and Steel Ltd. as timely.

The accumulated cashflows over FY19-21E, as per our estimate, can be approximately Rs 45-50 billion.

This can significantly improve the return dynamics of the acquisition for JSW Steel’s minority shareholders.

Bhushan Power and Steel will be initially held in a special purpose vehicle - Makler, held by Piombino steel - previously a 100% owned subsidiary of JSW Steel.

Click on the attachment to read the full report:

ICICI Securities JSW Steel Company Update.pdf

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