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Tata Steel bids 5.4 billion USD for bust Bhushan Steel

Tata Steel has offered to pay a little more than 350 billion rupees (5.4 billion USD) to lenders of Bhushan Steel & Power to take over the bankrupt steelmaker, a source with direct knowledge of the deal said.

migrator

Published:23rd Mar, 2018 at 11:54 PM

Mumbai

Bhushan Steel’s panel of creditors approved the deal, pending other regulatory clearances, the company said in a stock exchange filing on Friday without disclosing financial details.

Tata Steel plans to inject more than 90 billion rupees into Bhushan Steel to modernise and ramp up its facilities, a Reuters report citing the source said, declining to be named because the details had not been made public.

A spokesman declined to comment on the deal value and planned investment in Bhushan Steel. Bhushan Steel is among a dozen companies pushed to bankruptcy court last year amid a government drive to clear a mountain of bad loans choking credit at Indian banks.

The company, which was facing $8.6 billion of claims from banks and other creditors, had received bids from Tata Steel and top Indian steelmaker JSW Steel in an auction conducted by a court-appointed administrator.

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Tata Steel bids 5.4 billion USD for bust Bhushan Steel

Tata Steel has offered to pay a little more than 350 billion rupees (5.4 billion USD) to lenders of Bhushan Steel &amp; Power to take over the bankrupt steelmaker, a source with direct knowledge of the deal said.

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Tata Steel has offered to pay a little more than 350 billion rupees (5.4 billion USD) to lenders of Bhushan Steel & Power to take over the bankrupt steelmaker, a source with direct knowledge of the deal said.