Tata Steel wins bid to acquire debt-laden Bhushan Steel in an insolvency auction

New Delhi: Tata Steel Ltd on Friday said it has won the bid to acquire debt-laden Bhushan Steel (BSL) in an insolvency auction.

Tata Steel wins bid to acquire debt-laden Bhushan Steel in an insolvency auction. Reuters image.

In a statement, the company said it has been "declared as the successful resolution applicant by the committee of creditors of Bhushan Steel Limited on 22 March, 2018, subject to obtaining necessary regulatory approvals, including approval from the NCLT and the Competition Commission of India."

Tata Steel said it has accepted the letter of intent (LoI) for BSL under the corporate insolvency resolution process of the Insolvency and Bankruptcy Code 2016 (IBC).