The Competition Commission of India (CCI) has given its approval to Tata Steel’s acquisition of debt-ridden firm Bhushan Steel. The regulator said it finds no Appreciable Adverse Effect on Competition (AAEC) in respect of proposed acquisition.
Last month, Tata Steel had won the bid to acquire Bhushan Steel under the insolvency process. Bhushan Steel had a total debt of Rs 57,160 crore, as on February 1. Under the insolvency process, the Committee of Creditors (CoCs) had declared Tata Steel as the successful resolution applicant for Bhushan Steel.
Tata Steel, the flagship company of the Tata g roup is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 Company.
