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SAM, AZB, Luthra sell bankrupt Bhushan Steel to Tata Steel for $7.3bn

“Tata Steel completes Rs 35,200 crore purchase of bankrupt Bhushan Steel: Tata Steel said Rs 1,200 crore will be paid to operational creditors of BSL over a period of 1 year as per their admitted claims and terms of resolution plan,” reported The Economic Times about the $7.3bn insolvency deal from May 2018.

Shardul Amarchand Mangaldas & Co advised Bhushan Steel Limited led by a team of executive chairman Shardul Shroff, partner Anoop Rawat, senior associate Kushal Sinha, senior associate Sagar Dhawan, associate Dhrupad Pant and associate Pulkit Chandak formed part of the corporate insolvency resolution advisory and transaction team. The litigation team of partner Misha, associate Vaijayant Paliwal, associate Ranjeev Khatana handled the court-process in relation to the corporate insolvency resolution process.

AZB & Partners acted for Tata Steel, subsidiary Bamnipal Steel led by partners Zia Mody, Shameek Chaudhuri, Vijayendra Pratap Singh and Anindita Roychowdhury, alongside associates Medha Marathe, Devika Nayak and Rachna Chhabria.

Update 24 May 2019: L&L Partners advised resolution professional of Bhushan Steel Limited, led by partner Sameen Vyas, partner Sundeep Dudeja, partner Manmeet Singh, and associates Vishrut Kansal, Harneet Kaur and Avisha Gupta.


Deal value: $7.3 billion

This deal report is based on a firm's press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.

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