 "Insolvency: CCI okays Tata Steel's acquisition of debt-ridden Bhushan Steel")
Fair trade regulator CCI has given its approval to Tata Steel's acquisition of debt-ridden firm Bhushan Steel.
In a tweet, the regulator said it "finds no Appreciable Adverse Effect on Competition (AAEC)" in respect of Tata Steel's proposed acquisition of Bhushan Steel".
Last month, Tata Steel said it had won the bid to acquire Bhushan Steel under the insolvency process.
Tata Steel is to acquire, either directly or through a wholly owned subsidiary, 75 per cent or more of the total issued and paid up share capital of Bhushan Steel, as per the notice submitted to the Competition Commission of India (CCI).
As on February 1, Bhushan Steel had a total debt of Rs 572 billion (Rs 57,160 crore).
Under the insolvency process, the Committee of Creditors (CoCs) had declared Tata Steel as the successful resolution applicant for Bhushan Steel.