Fitch Ratings said on Tuesday that the Supreme Court’s decision to cancel JSW Steel’s acquisition of Bhushan Power and Steel and direct its liquidation is unlikely to materially affect JSW Steel’s credit profile. The rating agency noted JSW’s crude steel capacity remains the highest in India at 30 million tonnes per annum, even without Bhushan Power.The May 2 ruling followed a petition by operational creditor Kalyani Transco and came nearly six years after the company’s debt resolution plan was cleared by the lenders and NCLT in 2019.
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