Tata Steel Ltd. today said that it has been identified as the highest evaluated compliant resolution applicant for Bhushan Steel Ltd, under the insolvency and bankruptcy process.
The steelmaker is currently in discussions with the resolution professional and advisors to the Committee of Creditors on the resolution plan it had submitted, it said in an exchange filing today.
Last month, BloombergQuint reported that Tata Steel is likely to bag both Bhushan Steel and Bhushan Power & Steel Ltd., as it has outbid JSW Group for both assets.
Tata Steels resolution plan ensures that financial creditors to Bhushan Steel receive Rs 35,000 crore, against their claim of Rs 55,000 crore, people familiar with the matter told BloombergQuint earlier. …
Read the full article at: https://www.bloombergquint.com/business/2018/03/07/tata-steel-confirms-it-is-the-highest-bidder-for-bhushan-steel
