Tata Steel Ltd.

BSE: 500470 | NSE: TATASTEEL
Large Cap | Steel & Iron Products
185.90
0.65 (0.35%)
< Home < Back

NCLT approves Tata Steel's resolution plan to acquire Bhushan Energy

Date: 31-05-2019

The National Company Law Tribunal (NCLT) has approved the resolution plan of Tata Steel to acquire debt-ridden Bhushan Energy for around Rs 800 crore on May 30, 2019. The principal bench of NCLT Delhi also rejected objections from Bhushan Energy's former promoter Neeraj Singal opposing Tata Steels' bid.

Under the resolution plan, Tata Steel will offer an upfront payment of Rs 730 crore. It would also pay Rs 50 crore additionally to operational creditors of the company. Besides, Tata Steel would also infuse Rs 367 crore into the company as a part of equity infusion.

Tata Steel, the flagship company of the Tata group 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.