Tata Steel bids 5.4 billion USD for bust Bhushan Steel

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.