M&A Lab: Bhushan Steel on the mend in Tata avatar but ghost of bankruptcy haunts

In May 2018, Tata Steel Ltd acquired Bhushan Steel Ltd for Rs 35,200 crore in its biggest purchase of a stressed asset under the Insolvency and Bankruptcy Code. Bhushan Steel accounted for about 40% of the steel sector’s non-performing loans, and also featured on a list of top 12 corporate defaulters ......