Tatas complete acquisition of controlling stake of 72.65% in Bhushan Steel

The investment from BNPL in Bhushan Steel has been done through a combination equity of Rs 1.58 billion and inter-corporate loan of Rs 349.73 billion

Tata Steel on Friday said its wholly-owned subsidiary Bamnipal Steel Limited (BNPL) had completed the acquisition of a controlling stake of 72.65 per cent in Bhushan Steel, making it the first of the 12 Reserve Bank of India-recommended NPA cases to be resolved under the Insolvency and Bankruptcy Code (IBC). 

The government lost no time in celebrating its success. Piyush Goyal, who has been given the temporary charge of the finance ministry, tweeted: “Congrats to PM @narendramodi ji & @arunjaitley ji for a historic breakthrough in resolving legacy issues of banks. Lenders recovered almost entire principal loan of Bhushan Steel through