Tata Steel said it had been selected as the winning bidder for troubled rival Bhushan Steel, in one of the largest cases to be dealt with under Indias new insolvency system.
Bhushan, a mid-sized Indian steelmaker with annual revenue of around $2bn, was put into bankruptcy proceedings last year after proving unable to service its debt of more than Rs400bn ($6.2bn).
In a statement on Wednesday evening, Tata Steel a key unit of the Tata Group, Indias largest conglomerate by revenue said it had been selected as the preferred bidder for Bhushan Steel. It added that it was now in discussions with the advisers to Bhushans creditors, and with the resolution profe…
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