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Tata Steel to buy Bhushan Steel

Tata Steel to buy Bhushan Steel

L&T's lawyer Mukul Rohatgi asked NCLT to declare it as a "secured creditor, ' rather than an 'operational creditor" under the IBC, to move up the priority ladder.A 3-member bench presided by chairperson M M Kumar directed Vijaykumar V Iyer, Bhushan Steel's Insolvency Resolution Professional to reply to L&T's plea within a week.

On Wednesday, Tata Steel via exchanges informed that it has emerged as the highest bidder to acquire controlling stake in Neeraj Singhal-promoted Bhushan Steel which is undergoing a resolution under India's 2016 Insolvency and Bankruptcy Code.

Meanwhile, on Thursday at 10:16 hours, the stock of Bhushan Steel was trading at Rs. 45.45 per share, up by 11.95 per cent. Tata Steel was at Rs. 642.30 per share, up 0.88 per cent.

JSW Steel was the other bidder for this asset.

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Based in the east of India, the company has an annual steelmaking capacity of 5.6 million tonnes and is one of the biggest producers of cold-rolled steel products used to make cars.

At 559.89 billion rupees ($8.75 billion), Bhushan Steel faces the highest claims among a dozen companies pushed to bankruptcy court a year ago as part of a government drive to clear a mountain of bad loans choking credit at Indian banks. This explains why the auction had seen such aggressive bidding - well over the liquidation value reportedly pegged at Rs 20,000 crore. The creditors are in talks with Tata Steel to fine tune the final resolution plan.

Bhushan Steel, the largest manufacturer of auto-grade steel in India, ran into debt with various lenders and owes close to 440 billion rupees ($6.8 billion) all up.

L&T is seeking to recover about ₹900 crore from Bhushan Steel for supply of capital goods.