Tata Steel selected as successful applicant to buy Bhushan Steel

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.