Tata Steel announced that it has been declared as the successful resolution applicant by the Committee of Creditors (CoC) of Bhushan Steel on 22 March 2018, subject to obtaining necessary regulatory approvals, including approval from the NCLT and the Competition Commission of India.

Tata Steel has accepted the Letter of Intent for BSL under the Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code 2016 (IBC).

Shares of the company declined Rs 24, or 4.13%, to trade at  Rs 556.55.  The total volume of shares traded  was  473,074 at the BSE (12.23 p.m., Friday).