The company said on Friday it had accepted the letter of intent for Bhushan Steel under the corporate insolvency resolution process of the IBC. Tata Steel has beaten rival JSW Steel and a private equity backed group of employees.“Tata Steel hereby informs that it has been declared as the successful resolution applicant by the committee of creditors of Bhushan Steel,” the company said in a press release. Tata Steel didn’t comment on queries regarding its participation in the rebid.With Tata Steel tipped to enter into a joint venture with ThyssenKrupp of Germany for its European steel business, the focus is clearly back on India. Tata Steel’s domestic capacity is 13 million tonnes, which will be augmented by 5.6 million tonnes with the Bhushan Steel acquisition. Bhushan Steel makes flat products like hot- and cold-rolled coil (HR/CR coils) and galvanised sheets.

Source: Economic Times March 24, 2018 01:30 UTC