Tata Steel wins bid to acquire assets of Bhushan Steel

24 March 2018, 08:58 AM
Tata Steel Ltd (Source: PTI)
Tata Steel Ltd (Source: PTI)

Tata Steel Ltd on Friday said it has won the bid to acquire debt-laden Bhushan Steel (BSL) in an insolvency auction.

In a statement, the company said it has been "declared as the successful resolution applicant by the committee of creditors of Bhushan Steel Limited on March 22, 2018, subject to obtaining necessary regulatory approvals, including approval from the NCLT and the Competition Commission of India."

Tata Steel said it has accepted the letter of intent (LoI) for BSL under the corporate insolvency resolution process of the Insolvency and Bankruptcy Code 2016 (IBC). 

Also Read: Tata Sons to sell 1.48 percent stake in TCS for Rs 8,127 crore, funds likely to be used for paying off wireless division's debt

First Published: Saturday, March 24, 2018 08:52 AM
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