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TATA Steel Buys Bhushan Steel

TATA Steel buys 72% share in Bhushan steel for a whopping INR 35,200 Crores.

Tata Steel has announced its acquisition of Bhushan Steel (BSL) through its wholly-owned subsidiary Bamnipal Steel Ltd (BNPL), completing the resolution of the first case under the Insolvency and Bankruptcy Code (IBC), 2016.

Tata Steel said in a press statement that it has taken a controlling stake of 72.65% in BSL and paid the admitted corporate insolvency costs and employee dues, as required under IBC. Further, settlement of amounts equivalent to Rs35,200 crore towards financial creditors of BSL is being undertaken, and Rs1,200 crore will be paid to the operational creditors of BSL over a period of 12 months, said the statement.

Meanwhile, Neeraj Singhal, former vice-chairman and managing director of Bhushan Steel, has moved the National Company Law Appellate Tribunal (NCLAT) seeking a stay on the takeover by Tata Steel. Mint has learnt that Singhal, a member of the family of the original promoters, also wants to prevent his equity from being transferred to Tata Steel. As of March, the old promoter group owned 43.9% of the equity in publicly-listed BSL.

Tata Steel’s legal team has filed a caveat, a pre-emptive application that the court will not pass an order on this appeal without hearing the company.

This is not the first of unforeseen delays for Tata Steel. The firm has already fended off litigation from Larsen & Toubro Ltd, one of Bhushan’s operational creditors, and BSL’s employees.

Dismissing these cases, on Tuesday the National Company Law Tribunal (NCLT) approved Tata Steel’s takeover of BSL.

The delays in its takeover bid have led to corporate governance issues at the plant, with the senior management hinting earlier to Mint that there might be cases of under-invoicing and contracts being awarded to people known to the erstwhile promoter.

A spokesperson for Tata Steel said that employees of the company have moved into key locations of BSL on Friday, including Khopoli, Dhenkanal and Sahibabad, wresting physical control of plants before NCLAT hears Singhal’s plea on Monday.

The investment in BSL through BNPL has been done through a combination of equity of Rs158.89 crore and an inter-corporate loan of Rs34,973.69 crore. Additionally, Rs100 crore has been paid by BNPL to the financial creditors of BSL to repay old debt.

The acquisition is being financed through a combination of external bridge loan of Rs16,500 crore availed by BNPL, with the remaining Rs18,700 crore coming in the form of equity infusion by Tata Steel in BNPL. The bridge loan availed by BNPL is expected to be replaced by debt raised at BSL over time.

Nominees of BNPL have been appointed on the board of BSL and the existing directors of BSL are deemed to have resigned from its board, according to the terms of the approved resolution plan.

BNPL shall be classified as the “promoter” of BSL, and the existing promoters/promoter group re-classified as public shareholders of BSL, according to the resolution plan approved by NCLT.

ArcelorMittal, SAIL may finally seal Rs 5000-crore JV

KOLKATA: ArcelorMittal on Wednesday said it has agreed to make concessions to Steel Authority of India (SAIL) on technology transfer to iron out contentious issues in their proposed Rs 5,000­crore automotive steel joint venture. The announcement comes a day after steel minister Chaudhary Birender Singh said the global steel major and SAIL are in ‘final stages’ of formalising the deal. The two companies are believed to be close to ironing out key commercial terms to close the deal, including non­compete and exit clauses as well as finalising policy on arbitration, agency reports said, quoting sources. Responding to ET, an ArcelorMittal spokesperson said: “Our discussions with SAIL continue to make progress, with both parties making significant efforts towards reaching a final agreement. Progressing our partnership to a formal joint venture stage remains the objective, but given the confidential nature of this discussion, we will be making no more comments at this time.

When contacted a SAIL official, who did not wish to be named, said: “A joint task force formed to work out the partnership is moving ahead with its job. A feasibility report is now being prepared as part of the preparatory work on the deal”

ArcelorMittal, SAIL may finally seal Rs 5000-crore JV

KOLKATA: ArcelorMittal on Wednesday said it has agreed to make concessions to Steel Authority of India (SAIL) on technology transfer to iron out contentious issues in their proposed Rs 5,000­crore automotive steel joint venture. The announcement comes a day after steel minister Chaudhary Birender Singh said the global steel major and SAIL are in ‘final stages’ of formalising the deal. The two companies are believed to be close to ironing out key commercial terms to close the deal, including non­compete and exit clauses as well as finalising policy on arbitration, agency reports said, quoting sources. Responding to ET, an ArcelorMittal spokesperson said: “Our discussions with SAIL continue to make progress, with both parties making significant efforts towards reaching a final agreement. Progressing our partnership to a formal joint venture stage remains the objective, but given the confidential nature of these discussions we will be making no further comment at this time.” When contacted a SAIL official, who did not wish to be named, said: “A joint task force formed to work out the partnership is moving ahead with its job. A feasibility report is now being prepared as part of the preparatory work on the deal.”

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Ayla Agren pulled out all the stops during her first weekend in F1600 Championship Series, coming away from Virginia International Raceway with a pole position, podium and Top 10.

The 19-year-old from Slemmestad, Norway made her F1600 debut with Bryan Herta Autosport on the 3.27-mile, 17-turn permanent road course. Never having been to the course prior to her debut, Agren took the first day of practice to learn the course and get the most out of her time on the track. When the second and third day rolled around, however, the Norwegian held nothing back and qualified in the Top 10 starting Race One in sixth. Still learning her way around the Mygale F1600 car and the brand-new course, Ayla came to the twin checkers in eighth, garnering her first career F1600 Championship Top 10.

Following a great start in the next step of Agren’s career, the rookie qualified on pole position for Race Two. Not getting the best restart following a full course caution at the beginning of 12-lap race, Agren fell back to fourth. Fighting all the way to the finish, the Norwegian star made a fantastic pass on the final lap to finish on the podium in third.

“It was a great learning curve through the weekend,” Agren commented. “It didn’t begin exactly the way I was hoping, however, we kept working, looking at data, comparing with my teammate Adrian, who has been a big help, and it worked out in the end. I was able to find more speed by the end, and I’m really happy how it all turned out, especially on Sunday where I managed to grab my first F1600 pole and a podium finish.”

“I have to thank the Bryan Herta Autosport guys for all of their hard work and pushing me to be a better driver, my sponsors in Norway – Energima, 28/24 Eiendom, Alt I Asfalt and Junior Team Norway – for all of their support and CoForce International for their never-ending encouragement and guidance. I’m really looking forward to get back on track at Road Atlanta in May.”

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