Tata Steel To Acquire Bhushan Steel

Tata Steel has made a public announcement that it has been declared as the successful resolution applicant by the Committee of Creditors (CoC) of Bhushan Steel Limited (BSL) on March 22, 2018, subject to obtaining necessary regulatory approvals, including approval from the NCLT and the Competition Commission of India.

Tata Steel has accepted the Letter of Intent for BSL under the Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code 2016 (IBC).

The Committee of Creditors of Bhushan Steel had declared conglomerate Tata Group's Tata Steel business as the successful resolution applicant, subject to obtaining necessary regulatory approvals, Tata Steel said in a stock exchange filing.

Tata Steel has accepted the Letter of Intent for Bhushan Steel, it added. Earlier this month, the company had been selected as the highest bidder to buy a controlling stake in Bhushan Steel, as part of bankruptcy proceedings.

Tata Steel and India's biggest domestic steelmaker JSW Steel Ltd were the two primary industry bidders for the acquisition of Bhushan Steel.