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Tata Steel BSL

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"Bhushan Steel" redirects here. Not to be confused with Bhushan Power & Steel.

TATA Steel BSL
Company typePublic
ISININE824B01021
IndustrySteel
Founded1987; 37 years ago (1987)
DefunctApril 2019
Fatemerger
HeadquartersKolkata, India[1]
Key people
TV Narendran
(Chairman & Non-Executive Adnl. Director)
Rajeev Singhal
(MD)
ProductsCold rolled, galvanised, Bhushan Galume, Tata Shaktee,colour coated tiles, drawn tubes, strips, wire rods, alloy billets, sponge iron
RevenueIncrease US$1.7 billion
Number of employees
5000+
ParentTata Steel
WebsiteOfficial website

Tata Steel BSL Limited, formerly Bhushan Steel Limited, was the largest manufacturer of auto-grade steel in India.[2] Tata Steel BSL Limited, with an amount of debt in proportion to its equity (0.5 times more). The company's consolidated debt stands at ₹10,686 crore. The company was spending Rs. 260 billion to expand its capacity to 12 million tonnes annually,[3][4] from the present installed capacity of around one million tonnes.[5]

History

The company was founded on 7 January 1983 under the name Jawahar Metal Industries Private Limited in the Sahibabad Industrial Area of Ghaziabad district, Uttar Pradesh. The company manufactured cold rolled steel strips and steel ingots. Jawahar Metal Industries was acquired by Brij Bhushan Singal and his sons, Sanjay and Neeraj Singal, on 14 January 1987. Jawahar Metal Industries was renamed as Bhushan Steel & Strips Limited on 9 June 1992. The name was changed to Bhushan Steel Limited in 2007.[6][7]

Insolvency proceedings were initiated against the former company on 26 July 2017 under the Insolvency and Bankruptcy Code, 2016.[8][9]

Tata Steel acquired a 72.65% stake in Bhushan Steel on 18 May 2018. Tata Steel paid 352.33 billion rupees to Bhushan Steel's creditor banks, and an additional 12 billion rupees over 12 months to Bhushan Steel's operational creditors.[10]

On 27 November 2018 the company was renamed as Tata Steel BSL Limited from Bhushan Steel Limited.

This company is distinct from Bhushan Power & Steel (with Sanjay Singal as Chairman & Managing Director).[11] with major claims by creditors against it, including the Punjab National Bank.[12][13]

On 25 April 2019, the Tata Steel board approved the merger of Tata Steel BSL and Bamnipal Steel with itself.[14]

Plants

The Khopoli plant in Maharashtra was commissioned in 2004 and has been producing colour-coated sheets, high-tensile steel strappings, hardened and tempered steel strips for the first time in India, along with CRCA steel to cater to the needs of the automobile industry.[15]

At its Sahibabad plant in Ghaziabad, Uttar Pradesh, it has a 1700 mm mill, which produces the widest sheets in India for the automotive industry. It has highly automated systems.[5]

At its Meramandali, Dhenkanal Integrated steel plant in Odisha, Tata Steel BSL produces hot rolled coils and has mills for hot rolling. Construction of the first phase is being carried out.[5]

Financial Management

Gross sales of Tata Steel BSL grew from Rs. 5 billion in 2001 to Rs. 40  billion in 2007. It earned net profits of Rs. 3.13 billion in 2007 and exported goods worth Rs. 12.57 billion. Its exports include steel for both the automotive and white goods industry and the list of countries to which it exports includes several developed countries.[5]

References

  1. ^ tatasteelbsl.co.in/contact/our-address/
  2. ^ "Analysts' picks: Ambuja, Cairn India, Cadila, RCom, Bhushan Steel". The Economic Times. The Economic Times, 9 February 2008. 9 February 2008. Retrieved 19 February 2008.
  3. ^ "Tata Steel BSL to spend Rs 260 bn hike capacity to 12 mn ton". Iris, 11 February 2008. Retrieved 19 February 2008.
  4. ^ "Tata Steel BSL confirms setting up of projects worth Rs 260bn". India Infoline, 11 February 2008. Archived from the original on 16 May 2011. Retrieved 19 February 2008.
  5. ^ a b c d "Tata Steel BSL Ltd. (formerly Bhusan Steel & Strips)". TATA Steel BSL Limited. Archived from the original on 17 April 2008. Retrieved 19 February 2008.
  6. ^ "Tata Steel BSL Limited > Company History > Steel - CR & HR Strips > Company History of Tata Steel BSL Limited - BSE: 500055, NSE: TATASTLBSL". www.moneycontrol.com. Retrieved 13 April 2024.
  7. ^ "Performance analysis of bhushan steel limited" (PDF). Insolvency Professional Agency of Institute of Cost Accountants of India. Retrieved 13 April 2024.
  8. ^ "L&T moves NCLT to be declared as secured creditor in Bhushan Steel insolvency", Live Mint, 8 March 2018
  9. ^ "First under insolvency code: Bhushan Steel bought by Tata Steel", The Indian Express, 21 May 2018
  10. ^ Thomas, Tanya (18 May 2018). "Tata Steel buys Bhushan Steel, to settle dues of Rs35,200 crore". mint. Retrieved 13 April 2024.
  11. ^ Bhushan Power & Steel Ltd.
  12. ^ Financial Creditors Claim as on 22.05.2019
  13. ^ Scandal-Hit Indian Lender Uncovers Fresh $555 Million Bank Fraud, Iain Marlow and Suvashree Ghosh, Bloomberg, 6 July 2019
  14. ^ Mazumdar, Rakhi (25 April 2019). "Tata Steel board approves merger of Bamnipal Steel & Tata Steel BSL". The Economic Times. Retrieved 13 December 2020.
  15. ^ Bhushan Steel – Khopoli
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