 "Bhushan Steel")
Awaiting response from the bankers for its bids to acquire Bhushan Steel and Bhushan Power & Steel, Tata Steel expects the acquisition would provide synergy to its operations in eastern India, where the company has a manufacturing unit, besides increasing its secondary product portfolio.
Tata Steel has emerged as the highest bidder for Bhushan Steel. The company is believed to have offered Rs 360 billion. Bhushan Steel was sent for debt resolution by its lenders after the company failed to repay its dues worth Rs 560 billion under the Insolvency and Bankruptcy Code 2016.
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