New Delhi: Bhushan Steel Ltd, acquired by Tata Steel under corporate resolution process, said today that its board of directors has approved the appointment of T V Narendran as chairman and non-executive additional director of the company.
Narendran, CEO and MD of Tata Steel, has more than 30 years of experience in metal and mining industry. A new management team has been put into place at Bhushan Steel Ltd after it was acquired by Tata Steel Ltd through India's new insolvency and bankruptcy process.
"The Board of Directors at their meeting held on 11th July 2018 approved appointment of T V Narendran as Chairman and Non-Executive-Additional Director and Koushik Chatterjee as Non-Executive-Additional Director with effect from July 11," the company said in a statement.
On May 18, Tata Steel – which had won the bid for Bhushan Steel in an insolvency process – completed the acquisition of 72.65 per cent stake in the debt-laden firm. Lenders to Bhushan Steel also received 7.25 crore equity shares worth Rs 2 each, after conversion of Rs 14.5 crore worth loans in the company.