Tata Steel and Jindal Steel & Power Ltd are considering signing joint venture agreements with Indian and international global steel plant equipment makers and technology providers like BHEL, HEC Ltd, Primetals Technologies
Tata Steel announced that it has executed definitive agreements for acquisition of the steel business of Usha Martin (UML) through a slump sale on a going concern basis. The closing of the acquisition is subject to fulfilment of various conditions under the agreements.
Tata Steel has started the process of cancelling power purchase agreements (PPAs) between Bhushan Steel, a company it acquired through bankruptcy resolution proceedings, and Bhushan Energy in a bid to cut costs.
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.
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.
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