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

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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 ......