India’s Tata Steel Ltd said on Friday it had been selected as the successful resolution applicant for buying debt-laden Bhushan Steel Ltd.
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.
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.
Tata Steel and India’s biggest domestic steelmaker JSW Steel Ltd were the two primary industry bidders for the acquisition of Bhushan Steel.business-standard