18 billion) to Bhushan Steel’s creditor banks.7 per cent stake in Bhushan Steel Ltd, which was in bankruptcy court over unpaid loans.The Tata Steel unit will raise a bridge loan of 165 billion China Hex Nuts Factory From China Suppliers rupees to help fund the acquisition, while Tata Steel is investing the remainder in the unit, Bamnipal Steel.Taking over Bhushan Steel will help Tata Steel to increase its capacity in India and gain an edge in the fast-growing automotive steel market.As part of the deal, a unit of Tata Steel is paying 352. It will also pay Bhushan Steel’s operational creditors, such as vendors, another 12 billion rupees over 12 months..6 million tonnes.Bhushan Steel, which was among a dozen companies pushed to bankruptcy court last year amid a government drive to clear a mountain of bad loans choking credit at Indian banks, has an annual steel making capacity of about 5.33 billion rupees ($5.Bamnipal has appointed members to Bhushan Steel’s board, Tata Steel said in a statement.India’s Tata Steel Ltd said on Friday it had completed the acquisition of a 72
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