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Mar, 23 2018

Tata Steel Named Selected Bidder To Acquire Bhushan Steel

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

India’s Tata Steel Ltd has claimed to have been selected as the successful resolution applicant for buying bankrupt Bhushan Steel Ltd.

In a filing the company said, the Committee of Creditors of Bhushan Steel had on Thursday declared salt-to-software conglomerate Tata Group’s steel business as the successful resolution applicant, subject to obtaining necessary regulatory approvals.

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.

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