Tata Steel has submitted a revised bid for Bhushan Power & Steel on Monday evening after the Supreme Court rejected their plea to stay a directive from higher bankruptcy court which last week allowed lenders to accept fresh bids from all applicants.
Tata Steel, the country’s oldest steel producer, saw it’s bottom line more than double as it reported a consolidated net profit at Rs 19.34 billion for the quarter ended June 30.
Bids for Bhushan Power & Steel Ltd (BPSL) may top Rs 21,000 crore as JSW Steel, Tata Steel and Liberty House of the UK are all set to make an aggressive pitch to acquire the company under the bankruptcy process.
Fair trade regulator CCI has approved Tata Steel’s proposed acquisition of debt-ridden Bhushan Power and Steel.
Tata Steel Ltd on Friday moved the Supreme Court challenging the National Company Law Appellate Tribunal (NCLAT) order that allowed revision of bids for debt-laden Bhushan Power and Steel Ltd (BPSL).
Tata Steel To Invest Rs 60,000 Crore For Expansion Of Kalinganagar And Bhusan Steel Plants:chandrasekharan
Tata Steel is planning to invest Rs 60,000 crore in Odisha for expansion of its Kalinga Nagar plant and the Bhushan Steel plant which the company has taken over recently.
Tata Steel has been in the midst consolidating its businesses across continents. T V Narendran, global CEO and managing director of the steel major, tells Praveena Sharma that after clinching the bankrupt Bhushan Steel acquisition under the Insolvency and Bankruptcy Code (IBC) and inking a pact with ThyssenKrupp in Europe
Economic Times reported that Tata Steel’s ink a definitive agreement with Thyssenkrupp for a 50:50 steel joint venture in Europe will improve TSL’s business profile by reducing its exposure to structural weaknesses in the region.
Tata Steel Ltd.’s business profile could improve as a result of its joint venture with Germany’s Thyssenkrupp AG in Europe. Yet, these gains could be offset by high levels of borrowing.
Thyssenkruppwill take its time to replace Chief Executive Heinrich Hiesinger after his resignation, dampening hopes of a speedyrestructuring or even a break-up of the German industrial group.