Tata Steel's Bhushan Steel bid emerges winner; price may hit Rs 35,000 cr mark
Tata Steel plans to double capacity to 26 million tonnes in five years. It recently commissioned a greenfield steel plant at Kalinganagar, Odisha. Bhushan Steel will help Tata Steel overtake JSW Steel to become the country's top steel producer. Bhushan Steel was on the RBI's first list of 12 companies to be referred to the National Company Tribunal Law (NCLT). Tata Steel had also participated in the bidding process for Electrosteel Steels Ltd. Its bid, however, has been challenged by Abhishek Dalmia-led Renaissance Steel India Pvt Ltd.
Tata Steel today said it has won a bid to acquire bankrupt Bhushan Steel Ltd for an undisclosed sum of money. Image source: Reuters