Tata Steel subsidiary acquires 72% stake in Bhushan Steel

Posted on:21 May 2018 09:34:50
Tata Steel subsidiary acquires 72% stake in Bhushan Steel
21 May 2018 Current Affairs: Tata Steel, through its wholly-owned subsidiary Bamnipal Steel Ltd (BNPL), acquired 72.65 percent controlling stake in Bhushan Steel Ltd (BSL) for around Rs 36,400 crore.

The announcement was made by Tata Steel in a statement on May 18, 2018. The deal is set to help the banks recover NPAs amounting to over Rs. 36,000 crore in the time to come.

Speaking on the development Union Finance Minister Piyush Goyal said, "Liquidation value of Bhushan Steel was Rs. 14,541 crore but creditors received almost 4 times the amount (Rs. 36,400). This was possible due to the robust and transparent Insolvency & Bankruptcy Code.”

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