Tata Steel wins bid to acquire debt-laden Bhushan Steel in an insolvency auction

Tata Steel said it has accepted the letter of intent (LoI) for Bhushan Steel Ltd under the corporate insolvency resolution process of the Insolvency and Bankruptcy Code 2016 (IBC)

PTI March 23, 2018 11:50:48 IST
Tata Steel wins bid to acquire debt-laden Bhushan Steel in an insolvency auction

New Delhi: Tata Steel Ltd on Friday said it has won the bid to acquire debt-laden Bhushan Steel (BSL) in an insolvency auction.

Tata Steel wins bid to acquire debtladen Bhushan Steel in an insolvency auction

Tata Steel wins bid to acquire debt-laden Bhushan Steel in an insolvency auction. Reuters image.

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 22 March, 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).

Updated Date:

also read

IPL 2022 auction: Joe Root
First Cricket News

IPL 2022 auction: Joe Root "sacrifices" opportunity to enter mega auction

Last week, Root said he was considering entering the mega auction but added he would look to play in the tournament only if it does not distract him from his Test career.

Out of this world: Sotheby's Dubai unveils 555.55-carat black diamond called 'The Enigma'
World

Out of this world: Sotheby's Dubai unveils 555.55-carat black diamond called 'The Enigma'

Carbonado or black diamonds are believed to have extraterrestrial origins – meteorites colliding with the Earth and either forming chemical vapour disposition or from the meteorites themselves

Bulli Bai case: App creator Niraj Bishnoi moves bail plea in Delhi session court
India

Bulli Bai case: App creator Niraj Bishnoi moves bail plea in Delhi session court

Additional Session Judge Dharmender Rana is scheduled to hear the bail plea of Bishnoi on Tuesday