NCLT clears Tata Steel's ₹32500-crore resolution plan for Bhushan Steel

NCLT approves Tata Steel's bid for Bhushan Steel

The CoC had selected Tata Steel, which had offered Rs 32,500 crore as upfront payment along with 12.27 per cent equity in BSL to the creditors. The tribunal also rejected Bhushan Energy's plea to continue its power purchase agreement with Bhushan Steel.

NCLT also dismissed the plea of engineering major L&T, an operational creditor of BSL, which had requested for a higher preference in recovery of debt on par with the financial creditors of the corporate debtor. BNPL will also have the option to convert up to Rs 9,000 crore of the loans into equity shares of Bhushan.

On March 23, Tata Steel said it had accepted the letter of intent for Bhushan Steel under the corporate insolvency resolution process of the IBC after the Committee of Creditors (CoC) for BSL accepted its bid.

"Based on various acquisition scenarios, the flat steel market in India is expected to consolidate further from the current scenario (of 85% being controlled by six players) to anywhere between three to four players", ratings agency CRISIL said.

Eden Hazard confesses to bad season as he delivers Chelsea ultimatum
Hazard, who signed from Lille for £32million in 2012, has won everything at the club apart from the Champions League and FA Cup. We can't be in the Champions League next season so we need to win trophies. "You never know what's happening for the season".

In an identical filing, Bhushan Steel confirmed the development saying Tata Steel shall implement the resolution plan through Bamnipal Steel Ltd, a wholly owned subsidiary of Tata Steel. On March 7, Tata Steel said it had received a formal communication from the resolution professional of Bhushan Steel that it had been identified as the highest evaluated compliant resolution applicant to acquire a controlling stake in Bhushan Steel.

Acquisition of BSL will be a key element in Tata Steel's domestic growth strategy under new Tata Sons chairman N Chandrasekaran.

With the deal now approved by NCLT, Tata Steel will add 5.6 million tonnes per annum to its existing capacity of 13 mtpa and emerge as the largest steel producer in the country, ahead of JSW Steel. A combination will transform the former into a leading producer of flat steel in India, as the leader is now JSW Steel with about 13 million mt/year of capacity. Now about 38 companies are at different stages of the insolvency process.

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