ArcelorMittal, Tata Steel evince interest in Bhushan Steel

ArcelorMittal, Tata Steel evince interest in Bhushan Steel
18/11/2017 , by , in ALLIED

Luxembourg-based multinational steel firm ArcelorMittal and domestic industry major Tata Steel have evinced interest in Bhushan Steel which is undergoing insolvency proceedings.

The development has come at a time when the debt-laden firm, which was referred to NCLT by the RBI under the Insolvency and Bankruptcy Code, has reported narrowing down of its standalone net loss to Rs 467.37 crore during the September quarter from Rs 980.22 crore in the same period a year ago.

Both Tata Steel and ArcelorMittal see the proceedings as an opportunity as the two companies are looking to expand their operations in the country.

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