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.
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.
While Samsung noted that additional market availability is "coming soon", it won't make it to India, at least initially. However, the two new color variants have been rolled out with Augmented Reality support, powered by Google .
Hart says the woman faces no charges, but if anyone had eaten the brownies it could have been considered a criminal act. There's just so much going on in the world, to create a problem like this is unnecessary and it's criminal", he added.
But they warned there was a risk that deteriorating conditions in Iran would push prices to $100, a level not seen since 2014. At the same time, the analysts said the global economy is growing at a healthy pace and supporting higher demand for oil.
The department is taking part in a national seat belt campaign, Click It or Ticket , that runs from Monday through June 3. During the campaign, officials say law enforcement will adopt a "zero-tolerance approach toward violators".
The device features a 5.84-inch Full HD+ 2.5D curved glass display with a resolution of 2280 x 1080 and a pixel density of 19:9. AI-accelerated Microsoft Translator software delivers instantaneous translation without you needing to be online.
VP & Pres, ARD, O'Neill Hugh M., purchased 9,000 common shares of Mallinckrodt Public Limited Company (MNK ) in the open market. This is calculated by taking weekly log normal returns and standard deviation of the share price over one year annualized.
The final, as with all Champions League and Europa League games, will not be broadcast on any free-to-air television in the UK. Once you enter your postcode, Cable.co.uk will perform a live lookup and check all the available providers in your area.
Cavaliers coach Ty Lue was asked about Smart's impact and noted: "Same impact he always has: just winning basketball". Smith missed all seven of his shots and didn't score a point in 27 minutes of Tuesday's Game 2 loss to the Celtics .
Adobe XD has some plugins - including recently launched integration with the likes of Zeplin, Avocode and Sympli . Additional details on plan options and pricing for each tier are available on Adobe's website .
Earlier this year, Amazon launched free, two-hour delivery on Whole Foods groceries through its Prime Now service in 10 cities. Items eligible for additional Prime member discounts will be designated by special signs in Whole Foods stores.
On Tuesday, January 30 RAY MICHAEL CHARLES sold $3.04M worth of Western Digital Corporation ( NASDAQ : WDC ) or 35,009 shs. Engineers Gate Manager Limited Partnership holds 0.16% in Western Digital Corporation ( NASDAQ : WDC ) or 30,045 shs.
Motorola starts teasing Moto G6, Moto G6 Play launch in India
Moto G6 and Moto G6 Play are highly expected to arrive in India, but there hasn't been an official word on the matter until now. The company did not reveal when exactly the new handsets will launch, but the teaser simply states they're "coming soon".
Scam-hit PNB posts huge loss
The total income for the fourth quarter declined to Rs 12,945.68 crore from Rs 14,989.33 crore in the year-ago period. Currently, the probe agencies are investigating the matter and have also seized many properties of Nirav and Choksi.
Germany reveal provisional squad for 2018 World Cup
Grindel struck a more conciliatory note on Tuesday, saying , "People can make mistakes and we have to keep things in perspective". Petersen helped his club stay in the Bundesliga with 15 goals in 32 league appearances, eight of those as a substitute.
Tenacious D Announces 2018 Fall Tour
The promo then teases a new studio album "probably" in 2018, while there is definitely a tour that will happen later this year. Because not only have fans been waiting for a new Tenacious D album since 2012's Rize of the Fenix , but also the rent is due.
Pirates blank White Sox
The Pirates (24-17) recorded their major-league-leading seventh shutout Tuesday with a 7-0 win over the White Sox (10-28). Marte doubled and scored in the first inning but was removed from the game before his second at-bat in the third inning.
Say hello to Google One
Brandon Badger, Google's group product manager for Google One, told me the team looked at how people use the storage plan. The new Google One feature replaces all the existing Google Drive storage plans for all non-G Suite businesses.
Officer, four attackers dead in police station assault
The string of attacks comes as Indonesia, the world's most populous Muslim country, welcomes the first day of Ramadan. A number of terrorist attacks have occurred in Indonesia in recent days targeting churches and police stations.
Japan GDP On Tap For Wednesday
As of 9:15 a.m. local time, the 225-issue Nikkei Stock Average dropped 47.21 points, or 0.21 percent, from Tuesday to 22,770.81. It was the first decline in nine quarters, snapping the longest stretch of continued expansion since the late 1980s.
'Zero concern' as James says Cavs will bounce back
In contrast, the Celtics managed 33 points from 3-pointers, going a solid 11-for-30 from beyond the arc. The young Celtics got off to a quick start in game 1, and completely dismantled the veteran Cavaliers .
LeBron James Held To One Of His Worst Playoff Games Ever
On the pick and rolls, they were able to get downhill a lot, so we've got to clean that up". "We've got to be better". He was taking on much of the additional responsibility, and it felt like the Celtics would need that in the playoffs.