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No objection to Tata Steel's takeover of debt-ridden Bhushan Power: CCI

Currently, BPSL is undergoing stressed asset resolution process of Insolvency and Bankruptcy Code

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Tata Steel Bhushan Power  |  Tata Steel  |  Bhushan Power

IANS  |  New Delhi 

deal, merger
Representative Image

The Competition Commission of India (CCI) on Wednesday said it has no objection to the proposed acquisition of debt-ridden and Steel Ltd (BPSL) by as it will not impact competition in the sector.

"@CCI_India finds no appreciable adverse effect on competition in respect of Tata Steel's proposed acquisition of 100 per cent of the total issued and paid up capital of and Steel Limited," said on its official Twitter handle.

Currently, BPSL is undergoing stressed asset resolution process of Code (IBC). Last month, the National Company Law Tribunal (NCLT) extended the bid submission deadline to August 6 after JSW Steel revised its offer.

At this, approached the Supreme Court on August 3 asking for an urgent hearing and a stay on the decision to invite revised bids. On August 6, the NCLT had again extended the deadline for bid submission till August 13.

 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Wed, August 08 2018. 21:27 IST
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