Business
Tata Steel claims highest bidder to buy Bhushan Steel
Tata Steel on Wednesday said it has been identified as the highest resolution applicant to acquire controlling stake of Bhushan Steel Ltd, which was undergoing insolvency proceedings. In a statement, the company said that “it has received a formal communication from the resolution professional (RP) of Bhushan Steel Ltd that it (Tata Steel) has been identified as the highest evaluated compliant resolution applicant to acquire controlling stake of BSL under Corporate Insolvency Resolution Process (CIRP) of the IBC, as decided in the meeting of CoC of BSE on March 6.”
The advisors to the Committee of Creditors (CoC) and the RP of BSL are currently in discussions with Tata Steel on the resolution plan, the statement said.
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