Bhushal Steel Ltd | Pixr8 News

India’s largest private steelmaker JSW Steel Ltd receives 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 will now pay Rs19,700 crore ($6.28 billion) in upfront cash to Bhushan Power and Steel’s lenders and infuse ₹350 crore in the steelmaker to revive it. Bhushan Power and Steel is the second insolvent firm acquired by Sajjan Jindal-led JSW Steel after Monnet Ispat and Energy Ltd last year. Bhushan Power and Steel operates a 3.5 million tonne (mt) steel plant in Odisha. Under its earlier promoter Sanjay Singhal, the company had accumulated debt of more than₹47,000 crore. It was one of firms in Reserve Bank of India’s “dirty dozen” list of NPA accounts referred to t...

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...

Tag: Bhushal Steel Ltd

In all cash deal, JSW Set to Acquire Bhushan Steel For $6.28 billion

Tata Steel Acquires Debt-Laden Bhushan Steel for Rs 35,200 Cr