Table of Contents
When did Tata Steel acquire Bhushan Steel?
18 May 2018
Tata Steel on 18 May 2018 announced the completion of its acquisition of the then Bhushan Steel (BSL) through its wholly owned subsidiary Bamnipal Steel Ltd (BNPL), wrapping up the resolution of the first case under Insolvency and Bankruptcy Code, 2016.
Why did Tata Steel acquired Corus?
During that time, China, the world’s largest steel manufacturer, was expected to expand its steel capacity, which could lead to lower global costs for steel. At the time when Tata acquired Corus Steel, there weren’t many options for steel companies other than to acquire companies or be the target for acquisition.
When did Tata take over BSL?
The Board of Tata Steel BSL at its meeting held on 02 November 2021 has taken on record the order dated 29 October 2021 of the Hon’ble National Company Law Tribunal, Mumbai sanctioning the scheme of amalgamation of Bamnipal Steel and Tata Steel BSL into and with Tata Steel.
What is Bhushan Steel case?
The Enforcement Directorate has attached a residential building worth ₹190.62 crore in an ongoing probe against Sanjay Singal, the former chairman-cum-managing director of Bhushan Power & Steel Limited (BPSL), and others. The agency has so far attached assets worth ₹4,420.16 crore in the case alleging bank fraud.
What is Tata Steel bl?
Tata Steel had won the bid to acquire debt-laden Bhushan Steel Ltd (BSL) in insolvency proceedings in 2018. Bhushan Steel was later renamed as Tata Steel BSL.
What do you know about Tisco?
Formerly known as Tata Iron and Steel Company Limited (TISCO), Tata Steel is among the top steel producing companies in the world with an annual crude steel capacity of 34 million tonnes per annum.
When did Tata acquired Corus?
Corus Group was formed through the merger of Koninklijke Hoogovens and British Steel plc in 1999 and was a constituent of the FTSE 100 Index. It was acquired by Tata of India in 2007, and renamed Tata Steel Europe in September 2010.
What kind of deal Tata and Corus was based on its source of financing?
The investment banking firm Credit Suisse, was called into specify a mechanism for raising a loan of around $8 billion, which formed the basis of the Tata Steel bid for Corus. The debt to be taken on to the accounts of Tata Steel and to be repaid by future cash flows of the company.