Mumbai: Bamnipal Steel (BNPL), a wholly-owned subsidiary of Tata Steel, has successfully completed the acquisition of controlling stake of 72.65 per cent in Bhushan Steel.
Tata Steel had won the bid to acquire debt-laden Bhushan Steel in an insolvency auction. The bankrupt firm was among the 12 stressed assets the RBI had referred for NCLT proceedings last year.
“BNPL has successfully completed the acquisition of controlling stake of 72.65 per cent in BSL in accordance with the approved resolution plan under the Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code 2016 (IBC) which has been managed by Vijaykumar V lyer, Partner, Deloitte Touche Tohmatsu India, as the resolution professional,” Tata Steel said.
The admitted CIRP cost and employee dues have been paid as required under IBC, it said.
Further, settlement of the amounts equivalent to Rs 35,200 crore towards financial creditors of BSL is being undertaken as per the terms of the resolution plan and corresponding transaction documents, the company said.