Tata Steel selected as successful applicant to buy Bhushan Steel

Tata Steel announced on Friday that it had accepted the Letter of Intent for Bhushan Steel Limited (BSL) under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code 2016.

The development follows on heels of Tata Steel being declared as the successful resolution applicant by the Committee of Creditors (‘CoC’) of Bhushan Steel Limited on March 22, 2018.


The decision is subject to obtaining necessary regulatory approvals, including approval from the NCLT and the Competition Commission of India, an official statement from Tata Steel said on Friday.

Tata Steel which has recently commnlissioned a grenfield steel plant at Kalinganagar, Odisha, had earlier emerged as the highest bidder for Bhushan Steel with a Rs 35,000 crore offer.

For all practical purposes, Friday's announcenent paves the way for Tata Steel's acquisition of Bhushan Steel, a relatively new five million tonne steel plant in Odisha,with a product basket that caters to high value customers like, auto and consumer durable makers.