Bhushan Steel gets officially renamed as Tata Steel BLS after acquisition
Tata Steel Ltd had won the bid to acquire debt-laden Bhushan Steel Ltd (BSL) in an insolvency auction. The bankrupt firm was among the 12 stressed assets the RBI had referred for NCLT proceedings last year. Bhushan Steel had debt in excess of Rs 40,000 crores.
- Nov 28, 2018,
- Updated Nov 28, 2018 4:27 PM IST
Bhushan Steel, which was recently acquired by Tata Steel, received approval from central government on Tuesday to change its name to Tata Steel BLS Ltd.
A new certificate of incorporation has also been issued by the Registrar of Companies. Bhushan Steel is one of the prominent players in the Indian steel industry.
In its second quarter results, Bhushan steel posted an over 23 per cent jump in its output at 1.05 million tonnes (MT).
Sales of Bhushan Steel rose by 10 per cent to 1.14 MT from 1.03 MT in the year-ago quarter.
Tata Steel Ltd had won the bid to acquire debt-laden Bhushan Steel Ltd (BSL) in an insolvency auction. The bankrupt firm was among the 12 stressed assets the RBI had referred for NCLT proceedings last year. Bhushan Steel had debt in excess of Rs 40,000 crores.
Tata Steel acquired BSL through its wholly-owned subsidiary Bamnipal Steel Ltd (BNPL).
(with agency inputs)
Bhushan Steel, which was recently acquired by Tata Steel, received approval from central government on Tuesday to change its name to Tata Steel BLS Ltd.
A new certificate of incorporation has also been issued by the Registrar of Companies. Bhushan Steel is one of the prominent players in the Indian steel industry.
In its second quarter results, Bhushan steel posted an over 23 per cent jump in its output at 1.05 million tonnes (MT).
Sales of Bhushan Steel rose by 10 per cent to 1.14 MT from 1.03 MT in the year-ago quarter.
Tata Steel Ltd had won the bid to acquire debt-laden Bhushan Steel Ltd (BSL) in an insolvency auction. The bankrupt firm was among the 12 stressed assets the RBI had referred for NCLT proceedings last year. Bhushan Steel had debt in excess of Rs 40,000 crores.
Tata Steel acquired BSL through its wholly-owned subsidiary Bamnipal Steel Ltd (BNPL).
(with agency inputs)