In addition, Tata Steel has also agreed to infuse Rs 1,200 crore as working capital and offered a 12% equity stake to the Singals, the existing promoter group of Bhushan Steel. (IE)In a first big result of the government instituted insolvency resolution process, and in a major step forward for steel behemoth Tata Steel, the company has accepted the letter of intent (LoI) for Bhushan Steel under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code 2016 (IBC), according to a stock exchange filing on Friday. The proposal is now subject to necessary regulatory approval from the National Company Law Tribunal (NCLT) and the Competition Commission of India (CCI). After being declared the highest bidde…
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