Bhushan Steel takeover: Jindal congratulates Ratan Tata

Steel tycoon Sajjan Jindal on Saturday congratulated Tata Group Chairman Emeritus Rata Tata and Senior officials on the successful acquisition of bankrupt Bhushan Steel.

He also exuded confidence that the Tata Group will "nurture" the good quality asset.

Tata Steel Ltd has won the bid to acquire debt-laden Bhushan Steel Ltd (BSL) in an insolvency auction. The bankrupt firm was among the 12 stressed assets the RBI had referred to NCLT proceedings last year.

"Congratulations to #TVNarendran #NChandra @RNTata2000 and @TataCompanies for the successful acquisition of #BhushanSteel. It's always gratifying when a good quality asset goes into the hands of an institution which will nurture it and build it further," Jindal said in a tweet.

On Friday, Tata Steel said it has successfully completed the acquisition of controlling stake of 72.65% in Bhushan Steel Ltd (BSL) through its wholly-owner subsidiary Bamnipal Steel Ltd (BNPL).

"BNPL has successfully completed the acquisition of controlling stake of 72.65% in BSL in accordance with the approved resolution plan under the Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code 2016 (IBC) which has been managed by Vijaykumar V lyer, Partner, Deloitte Touche Tohmatsu India LLP, in his capacity as the resolution professional," Tata Steel said in a statement. 

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Bhushan Steel takeover: Jindal congratulates Ratan Tata

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