Tata Steel Acquires Debt-Laden Bhushan Steel for Rs 35,200 Cr
Bamnipal Steel Ltd (BNPL), daughter company of Tata Steel, recently made the acquisition of 72.65% of controlling stakes in Bhushan Steel Ltd (BSL) for Rs 35,200 Cr.
Tata Steel Ltd made the highest bid to acquire the indebted Bhushan Steel Ltd in an insolvency action. The firm filed for bankruptcy was among the 12 stressed assets that were referred by the RBI for NCLT proceedings next year.
"BNPL has successfully completed the acquisition of controlling stake of 72.65 per cent in BSL in accordance with the approved resolution plan under the Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code 2016 (IBC) which has been managed by Vijaykumar V lyer, Partner, Deloitte Touche Tohmatsu India LLP, in his capacity as the resolution professional," Tata Steel a...