Tata Steel highest bidder for Bhushan Steel

New Delhi: Tata Steel has said it has been identified as the highest resolution applicant to acquire controlling stake of Bhushan Steel Ltd, which was undergoing insolvency proceedings.

In a statement, the company said that "it has received a formal communication from the resolution professional (RP) of Bhushan Steel Ltd that it (Tata Steel) has been identified as the highest evaluated compliant resolution applicant to acquire controlling stake of BSL under Corporate Insolvency Resolution Process (CIRP) of the IBC, as decided in the meeting of CoC of BSE on March 6.

The advisors to the Committee of Creditors (CoC) and the RP of BSL are currently in discussions with Tata Steel on the resolution plan, the statement said.

"The next steps in the process will be as per the stipulations under CIRP of the IBC," it added.

Bhushan Steel, one of the 12 non-performing accounts referred by the Reserve Bank of India for National Company Law Tribunal (NCLT) proceedings, owes Rs 44,478 crore to its lenders. As per Bhushan Steel's website, it is the third largest secondary steel producer in the country with an annual capacity of 5.6 million tonne.