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Tata Steel completes $5.2 billion purchase of bankrupt Bhushan Steel

Reuters 

(Reuters) - India's Tata Steel Ltd said on Friday it had completed the acquisition of a 72.7 percent stake in Bhushan Steel Ltd, which was in bankruptcy court over unpaid loans.As part of the deal, a unit of Tata Steel is paying 352.33 billion rupees ($5.18 billion) to Bhushan Steel's creditor banks. It will also pay Bhushan Steel's operational creditors, such as vendors, another 12 billion rupees over 12 months.The Tata Steel unit will raise a bridge loan of 165 billion rupees to help fund the acquisition, while Tata Steel is investing the remainder in the unit, Bamnipal Steel.Bamnipal has ...

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First Published: Fri, May 18 2018. 18:49 IST
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