Tata Steel on Saturday announced it had completed the acquisition of debt-ridden Bhushan Energy Ltd.
The announcement came after the National Company Law Tribunal (NCLT) approved the resolution plan of Tata Steel to acquire Bhushan Energy for around Rs.800 crore.
Pursuant to the acquisition, the company holds 99.99% of the total equity share capital of BEL. Bhushan Energy was a subsidiary of Bhushan Steel Ltd, which was also taken over by Tata Steel last year in May, and later renamed as Tata Steel BSL Ltd.
Tata Steel had offered Rs.35,200 crore in cash to acquire Bhushan Steel, besides Rs.1,200 crore to creditors and convert the remaining debt owed to banks to equity.Incorporated in 2005, Bhushan Energy is based in Dhenkanal, Odisha.