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₹23.05 -0.4  -1.5%

Last Trade - 18/09/20

Sector
Basic Materials
Size
Small Cap
Market Cap £264.0m
Enterprise Value £1.92bn
Revenue £1.73bn
Position in Universe 467th / 3004

Tata Steel selected as successful applicant to buy Bhushan Steel

Fri 23rd March, 2018 3:52am
March 23 (Reuters) - India's Tata Steel Ltd  TISC.NS  said
on Friday it had been selected as the successful resolution
applicant for buying debt-laden Bhushan Steel Ltd  BSSL.NS .
    The Committee of Creditors of Bhushan Steel had on Thursday
declared salt-to-software conglomerate Tata Group's steel
business as the successful resolution applicant, subject to
obtaining necessary regulatory approvals, Tata Steel said in a
stock exchange filing http://bit.ly/2GdM2HV.
 
    Tata Steel has accepted the Letter of Intent for Bhushan
Steel, it added. Earlier this month, the company had been
selected as the highest bidder to buy a controlling stake in
Bhushan Steel, as part of bankruptcy proceedings. urn:newsml:reuters.com:*:nL4N1QP4IR
    Tata Steel and India's biggest domestic steelmaker JSW Steel
Ltd  JSTL.NS  were the two primary industry bidders for the
acquisition of Bhushan Steel.

 (Reporting by Tanvi Mehta in Bengaluru; Editing by Sunil Nair)
 ((tanvi.mehta@thomsonreuters.com; +91 80 67494756 ; Reuters
Messaging: tanvi.mehta.thomsonreuters.com@reuters.net))
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