Bhubaneswar: Tata Steel BSL is going to be merged with the Tata Steel.
The Tata Steel company in a statement has stated that the board of directors of both the companies have proposed for merger of the two companies in the interest of maximizing value to all stake holder. The merger will drive operational synergies and efficiencies, reduce the regulatory burden, and simplify the group structure.
Tata Steel through its wholly-owned subsidiary Bamnipal Steel recently bought the Bhusan Steel Ltd assets though action by the National Company Law Tribunal (NCLT) by settling Rs 35,200 crore dues. BSL has a 5 million tonne per annum steel making plant in Odisha. After the acquisition, the name place of Bhusan Steel Ltd. has been changed to Tata Steel BSL