India's Tata Steel Ltd said on Wednesday it was selected as the highest bidder to buy a controlling stake in debt-laden Bhushan Steel Ltd, as part of bankruptcy proceedings.
The advisers to the committee of creditors and resolution professional of Bhushan Steel are in talks with Tata Steel on the resolution plan, the company said in a stock exchange filing.
Bhushan Steel had said last month that the resolution professional received plans from Tata Steel, JSW Living and employees of Bhushan Steel.
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