TIL Desk/Business/New Delhi/ Tata Steel sees opportunities for synergy with Bhushan Steel, which it acquired under the corporate insolvency resolution process, a top company official said today.
Speaking on the successful acquisition of debt-laden Bhushan Steel, Tata Steel CEO and MD T V Narendran said it was the best asset on block. The remark by Tata Steel chief came after a meeting with the senior officials at the South Block here. A senior official of Tata Steel said it was a “routine meeting”.
“We see lot of opportunities for synergies because it is a mill and (has) configuration with which we are very familiar. We know the blast furnace. It has rolling mill with excess capacity. It is close to where we are currently operating. It takes years to build a plant, It took 10 years for Kalinganagar,” Narendran told reporters.
On a petition filed by Bhushan Steel promoter Neeraj Singal in NCLAT challenging the eligibility of Tata Steel as resolution applicant under Section 29 A of the Insolvency and Bankruptcy Code, he said: “Tata Steel has gone through the process. I understand it is difficult to lose an asset which you have created”.
