Tata Steel announced in a stock market filing that it has been declared as the successful resolution applicant by the committee of creditors of Bhushan Steel. While still subject to regulatory approvals, including approvals from the National Companies Law Tribunal (NCLT) and the competition commission of India (CCI), it clears Tata Steel to move forward with acquisition plans for the entity.
Earlier this month, the company had been selected as the highest bidder to buy a controlling stake in Bhushan Steel, as part of bankruptcy proceedings.
Tata Steel and India's biggest domestic steelmaker, JSW Steel Ltd., were the two primary bidders for the acquisition of Bhushan Steel.
Tata Steel is the world's second-most geographically diversified steel producer, with operations in 26 countries and a commercial presence in over 50 countries.