INSUBCONTINENT EXCLUSIVE:
National Company Law Tribunal had approved Tata Steel resolution plan for Bhushan Steel
Merely three days after the National Company Law Tribunal (NCLT) approved the Tata Steel's debt
resolution plan for acquiring the controlling stake of Bhushan Steel Limited (BSL), the Tata Group announced-in a stock market filing-that
it has completed the acquisition
market filing, that the acquisition provides an inorganic growth opportunity to Tata Steel to grow in its existing line of business in flat
products and leverage operating synergies.Tata Steelfurther asserted that all necessary approvals such as that of Competition Commission of
India and NCLT have been received
The consideration has been completed and the amount was in form of cash.: Tribunal Admits Ericsson's Insolvency Plea Against Reliance
CommunicationsSettlements of the amounts equivalent to Rs 35,200 crore towards financial creditors of Bhushan Steel is being undertaken as
per the terms of resolution plan as approved by the NCLTon May 15, announced Tata Steel on Friday.: Tata Steel Emerges As Top Bidder For
Bhushan SteelBhushan Steel is a listed entity having a crude steel capacity of around 5.6 million tons along with downstream facilities of
cold rolled products of around 2 mtpa
The company has its upstream facilities in Meramandali, Odisha and downstream facilities in Khopoli, Maharashtra and Sahibabad, Uttar
The turnover for Fiscal 2017 is Rs 15,099 crore
The company was admitted under Corporate Insolvency Resolution Process on July 26, 2017 as per the Insolvency and Bankruptcy Code, 2016.
