Tata Steel Renames Bhushan Steel as Tata Steel BSL Limited
Tata Steel has decided to rechristen its recently acquired asset, Bhushan Steel as ‘Tata Steel BSL Limited’. This name change is part of the post-acquisition integration exercise to merge Bhushan Steel with its new parent. Tata Steel had formed a special team to oversee the integration.
A special resolution to change the name was passed on 25 Sep’18 during Bhushan Steel’s Annual General Meeting.
Tata Steel has acquired the troubled Bhushan Steel under the Corporate Insolvency Resolution Process in Apr’18 for INR 35,200 crore. Tata Steel had competed against another steel major, JSW Steel to acquire Bhushan Steel, which had defaulted on repayment of debt amounting to over INR 45,000 crore.
According to the latest reports, Tata Steel also plans to raise Bhushan Steel's production to 4 MnT by the end of this year while the plant in Odisha has a capacity of 5 MnT per year. At present, it is producing 3.5 MnT of steel. Following the acquisition of Bhushan Steel, the Tata Steel is also working towards improving its safety and environmental aspects of the unit to match its internal standards.
Bhushan Steel has also gone through a management change, with erstwhile promoters, led by the Delhi-based Singhal family, giving way to Tata Steel veterans.
TV Narendran, Chief Executive Officer and Managing Director of Tata Steel, is now the Chairman of the Bhushan Steel board, while Rajeev Singhal is the company's new Managing Director. Singhal is on the boards of several subsidiaries and associate companies of Tata Steel.
source: SteelMint
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