JSW Steel, a successful bidder of BSPL still looking for its acquisition despite fraud cases that are reported by banks. Previously PNB and Allahabad bank reported to RBI about 3805 crore  and 1775 crore fraud respectively. The FIR is already against companies ex promotors Mr. Sanjay Singhal and wife Mrs.  Arti Singhal &  other executive directors lodged. The funds are diverted in large amount and companies books are also changed fraudulently to take loan as per allegations. Despite all these the chairman of JSW Steel Mr.  Sajjan Jindal told today after AGM that they are looking for takeover to the company to make turnaround.  Companies CFO is looking confident for turnaround of both Monnet ispat and Bhushan power within 2 years. He informed that Monnet ispat is now running at its full capacity and producing variety products inspite of traditional TMT bars.

BSPL is under IBC proceedings has 3.5 million mt capacity and JSW steel is successful bidder at 19,300 crore  leaving behind TATA steel and Liberty house.