The investment in Bhushan Steel done via a combination of equity of Rs159 crore and loan of Rs34,974 crore, said Tata Steel. Photo: ReutersMumbai: Tata Steel has announced its acquisition of Bhushan Steel (BSL) through its wholly-owned subsidiary Bamnipal Steel Ltd (BNPL), completing the resolution of the first case under the Insolvency and Bankruptcy Code (IBC), 2016. Meanwhile, Neeraj Singhal, former vice-chairman and managing director of Bhushan Steel, has moved the National Company Law Appellate Tribunal (NCLAT) seeking a stay on the takeover by Tata Steel. Mint has learnt that Singhal, a member of the family of the original promoters, also wants to prevent his equity from being transferred to Tata Steel. This is not the first of unforeseen delays for Tata Steel.

Source: Mint May 18, 2018 12:56 UTC