Steel tycoon Jindal congratulates Ratan Tata for Bhushan Steel acquisition
New Delhi : Managing Director of the JSW Group Sajjan Jindal took pleasure to congratulate Tata Group Chairman Emeritus Ratan Tata and other senior officials on their successful acquisition of bankrupt Bhushan Steel.
Jindal also conveyed that the Tata Group will "nurture" those assets which are superior in quality.
Tata Steel Ltd succeeded to get hold of debt-laden Bhushan Steel Ltd (BSL) in liquidation auction. The bankrupt firm was among the 12 stressed assets the RBI had referred to NCLT proceedings last year.
"Congratulations to #TVNarendran #NChandra @RNTata2000 and @TataCompanies for the successful acquisition of #BhushanSteel. It's always gratifying when a good quality asset goes into the hands of an institution which will nurture it and build it further," Jindal said in a tweet.
Yesterday Tata Steel said it has successfully completed the acquisition of controlling stake of 72.65 per cent in Bhushan Steel Ltd (BSL) through its wholly-owner subsidiary Bamnipal Steel Ltd (BNPL).
“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 LLP, in his capacity as the resolution professional," Tata Steel said in a statement.
About Bhushan Steel:
Bhushan Steel Limited is known to be the manufacturer of auto-grade steel in India. The private organisation combined debt stands at ₹31,839 crore, having risen 18 percent from a year ago. The company is spending Rs. 260 billion to expand its capacity to 12 million tonnes annually from the present installed capacity of around one million tonnes.
However, insolvency proceedings were taken against the company on 26 July 2017 under the Insolvency and Bankruptcy Code, 2016 and the company suffered a lot.
