"It (Tata Steel) has been identified as the highest evaluated compliant resolution applicant to acquire controlling stake of BSL (Bhushan Steel Ltd)", the company said in a stock exchange notice on Wednesday evening.
JSW Living, a joint venture between JSW and Piramal Enterprises, the other contender for Bhushan Steel had bid for ₹28,000 crore, while about 500 employees of Bhushan Steel had come together and placed a resolution plan, but it was not considered as it did not meet the requirement. The rival bidder for this asset, JSW Steel, had reportedly offered around Rs 29,000 crore.
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If Tata Steel can overcome all the legal hassles that are likely to crop up before the completion of the transaction, the company will add close to 5.6-million-tonne steel making capacity to its portfolio.
The judicial members of NCLT on Thursday have asked Vedanta, Tata Steel and resolution professional for Electrosteel Steels insolvency proceedings to submit a reply, following petition of Renaissance Steel of Dalmias on March 5.
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Bhushan Steel, which has manufacturing plants in Odisha, Maharashtra and Uttar Pradesh, is one of the 12 large non-performing assets identified by the Reserve Bank of India in June 2017.
"We expect most rated Indian banks to have some exposure to Bhushan Steel and the resolution will particularly benefit State Bank of India the leader of the consortium of lenders to Bhushan Steel", Moody's said.
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Tata Steel gained 39 percent, while Bhushan Steel declined 38 percent in the last 9 months. According to media reports, if it manages to pull off this double coup, Tata Steel will grab half the market share for flat-steel products in the country.