India’s largest private steelmaker JSW Steel Ltd received a letter of intent from the committee of creditors of Bhushan Power and Steel Ltd, thus approving the Bhushan steel resolution plan for the steel mill. JSW Steel had made a Rs 19,700 crore ($6.28 billion) offer in upfront cash to Bhushan Power and Steel’s lenders and infuse Rs 350 crore in the steelmaker to revive it. Bhushan Power and Steel operates a 3.5 million tonne (mt) steel plant in Odisha. JSW Steel had in the past said that if it were to win Bhushan Power and Steel, the buy would be partly funded by an equity rights issue of Rs 5,000 crore and a new investor could also be brought in.