Industry

Tata Steel is picked as successful applicant to buy Bushan Steel

A view of the Bhushan Steel Plant in Ghaziabad.

A view of the Bhushan Steel Plant in Ghaziabad.   | Photo Credit: Special Arrangement

Tata Steel Limited has been declared as the successful resolution applicant by the Committee of Creditors (CoC) of Bhushan Steel Limited (BSL).

The CoC took the decision on March 22.

The decision is, however, subject to necessary regulatory approvals, including approval from the NCLT (National Company Law Tribunal) and the Competition Commission of India.

“Tata Steel has accepted the Letter of Intent for BSL under the Corporate “ a Tata Steel filing with the BSE said.

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

The announcement could bring the curtains down on a contentious auction, which saw employees of Bhushan Steel challenging a March 6 decision that had picked Tata Steel as the preferred buyer.

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Printable version | Aug 10, 2020 5:32:48 AM | https://www.thehindu.com/business/Industry/tata-steel-is-picked-as-successful-applicant-to-buy-bushan-steel/article23330453.ece

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