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Supreme Court approves JSW Steel acquisition of Bhushan Power four years after deal
The delay in acquisition of Bhushan Power cannot be attributed to JSW Steel, as the Sajjan Jindal-led firm was caught in legal proceedings over the deal.
The Supreme Court of India has approved JSW Steel Ltd.'s acquisition of debt-laden Bhushan Power & Steel Ltd., thereby quashing its earlier judgement on the ₹19,700-crore deal.
A three-judge bench, headed by the Chief Justice of India B.R. Gavai, upheld the validity of the acquisition via bankruptcy resolution. The Supree Court also rejected the lenders’ demand for additional payments from JSW Steel.
“Permitting any claims to be reopened will amount to committing violence on the provisions of the law,” the court said in its verdict.
The delay in acquisition cannot be attributed to JSW Steel, as it was caught in legal proceedings over the deal. Lenders were seeking more money to account for JSW Steel’s earnings from Bhushan Power during the period of delay.
The ruling is a major relief for billionaire Sajjan Jindal’s company, which now counts Bhushan Power as its subsidiary. Since the acquisition was completed in 2021, the annual crude steel capacity of the unit has risen by nearly 65%.
In July 2025, a two-judge bench headed by Gavai had recalled the Supreme Court’s order rejecting JSW’s plan, calling it a fit case where the judgement needs to be heard afresh.
In May, the court had rejected the acquisition, saying it didn’t conform to India’s bankruptcy laws and ordered liquidation of Bhushan Power.
JSW, along with some lenders, had sought a review of this decision.
India’s legal process allows review of a Supreme Court judgement only on some limited grounds such as apparent errors.
With inputs from Bloomberg.
