Tata Steel wins bid to acquire debt-laden Bhushan Steel

Tata Steel has accepted the letter of intent for BSL under corporate insolvency resolution process of the IBC.

Update: 2018-03-23 05:52 GMT
Tata Steel is also witnessing some impact on logistics as some movement of material got disrupted due to \"confusion at the toll gates and excise points\" which is getting \"sorted out\"

New Delhi: Tata Steel Ltd 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).

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