Tata SteelBSE -0.54 % has been identified as the highest evaluated compliant bidder to acquire a controlling stake in debt-ridden Bhushan SteelBSE 11.82 % Limited that is undergoing corporate insolvency resolution process under the new insolvency law.
Accordingly, the advisors to the lenders as well as the resolution professional are currently in discussions with Tata Steel on the resolution plan. The next steps in the process will be as per the stipulations under the CIRP of the IBC (Insolvency and Bankruptcy Resolution Process), 2016.
Apart from Tata Steel, other players that had submitted bids for the asset were JSW Steel, as well as a group of employees in a tie-up with a private equity firm.
Bhushan Steel owes close to Rs 44,000 crore to banks.
Source: Economic Times