Tata Steel completes acquisition of Bhushan Energy
Tata Steel on Saturday announced that it has completed the acquisition of debt-ridden Bhushan Energy Ltd.
The announcement came after the National Company Law Tribunal (NCLT) approved the resolution plan of Tata Steel to acquire Bhushan Energy for around ₹ 800 crore.
“We wish to inform you that Tata Steel BSL Ltd has successfully completed the acquisition of Bhushan Energy Limited (BEL) in accordance with the Approved Resolution Plan under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code, 2016,” Tata Steel said in a BSE filing.
Pursuant to the acquisition, the company holds 99.99 per cent of the total equity share capital of BEL.
