Tata Steel can produce about 10 million mt/year of flat steel while Bhushan Steel has a production capacity of 5 million mt/year, CRISIL said.
"The financial creditors shall receive a total consideration of Rs 35,200 crores for the settlement of the existing financial debt of BSL", Tata Steel said.
Acquisition of BSL will be a key element in Tata Steel's domestic growth strategy under new Tata Sons chairman N Chandrasekaran. It had a liquidation value of Rs 14,541 crore. At the end of January, BSL promoter and vice chairman Neeraj Singhal had sought to halt the process by writing to lenders and asking them to consider restructuring the company's debt under the sustainable structuring of stressed assets (S4A) mechanism by dividing the debt into sustainable and unsustainable parts, with no haircut. BNPL will also have the option to convert up to Rs 9,000 crore of the loans into equity shares of Bhushan. Additionally, Tata will pay another Rs 1,200 crore to the operational creditors.
It further added: "Pursuant to the resolution plan, Bamnipal Steel would invest in, and acquire control of, the company on closing date". In fact, PNB reportedly had an exposure of close to Rs 5,000 crore, a sizeable chunk of which will now come back to coffers and help it to partly offset the damage wrought by Nirav Modi over the past seven years.
NCLT has also dismissed L&T's plea seeking higher priority in the recovery of a loan as the financial creditor and imposed Rs 1 lakh fine.
BYU Men's Golf in Ninth after Round 1 of NCAA Regionals
Top-seeded Oklahoma shot five-under, giving themselves a five-stroke cushion over Auburn, Arkansas, and North Florida at even par. Corner, playing as an individual, is two strokes out of the lead and ranks third out of 75 among the individual competition.
The Bench, comprising NCLT President Justice MM Kumar and SK Mohapatra, also dismissed Bhushan Energy's plea to direct Tata Steel, the new owners of Bhushan Steel, to continue with its power purchase agreement.
The tribunal accepted the plan filed by BSL's resolution professional (RP), which was approved by the Committee of Creditors (CoC) led by SBI, after finding Tata Steel as the highest bidder.
However, some employees of Bhushan Steel had challenged it before NCLT contending that Tata Steel was not eligible under section 29 (A) of the Insolvency and Bankruptcy Code (IBC).
Tata Steel is also due to announce its Q4 FY18 results today, which according to a Reuters poll will mark the company's return to green.
Investors look at the Volatility 12m to determine if a company has a low volatility percentage or not over the course of a year. A high P/E suggests that investors are expecting higher earnings growth in the future compared to companies with a lower P/E.
PNB's capital ratio fell to 9.2 percent at the end of March from 11.66 percent a year ago, according to a PNB presentation. Similarly, the net NPA also rose to Rs 48,684.29 crore from Rs 32,702 crore at the end of March 2017.
Pittsburgh Pirates outfielder Starling Marte was removed from Tuesday's game in the third inning with right side discomfort. Pittsburgh's Gregory Polanco has an extra-base hit (two home runs and two doubles) in each of his last four games.
He said the United Arab Emirates and Saudi Arabia have recently imposed barriers on movement of people and goods "on and off". In March, Saudi Arabia's crown prince said if Iran gets a nuclear weapon, the kingdom would be compelled to follow suit.
As a result, officers issued 17,792 seat belt citations, 6,363 speeding summonses and made 976 impaired driving arrests. Law enforcement will be cracking down on Click It or Ticket violators around the clock.
The Celtics were clinging to a single-digit lead early with under nine minutes to play when Marcus Morris misfired on a jumper. That's not why I'm here. "I just wanted to make sure he didn't get it". "I'm just happy he's on our side". "He's in the air".
The company said it will also start offering "weekly deep discounts on select best-selling items" for Prime members, too. To receive these exclusive deals and savings, Prime members must scan their Whole Foods Market app at checkout.
The writer added that the hope is to start filming sometime early next year, with an October 2019 release date in mind. Reese and Wernick also confirmed that the original Zombieland cast will be returning.
RTÉ announced that it has secured rights to first choice Champions League games on Tuesday evenings for the next three seasons. The UEFA Europa League final will also be made available online to fans who do not yet subscribe to BT Sport.
Analysis of emerging market sectors and development opportunities in Electric Fireplaces will forecast market growth. This analysis provides a study on the regions that are expected to witness fastest growth during the forecast period.
New Zealand's A2 Milk sees jump in FY revenue
Shares in Synlait Milk, which has a supply arrangement with a2, dropped 5 percent to NZ$10.22. A2's ASX-listed shares fell as much as 20 per cent at the open before recovering slightly.
Motorola Moto G6, Moto G6 Play to launch in India soon
The Motorola G6 smartphones might be coming to India soon according the teaser on Motorola India's Twitter account. It is powered by the Qualcomm Snapdragon 450 SoC coupled with 3GB/4GB of RAM and up to 64GB of internal storage.
One simple way to get more out of Google
The new service isn't meant to replace Google Drive; the company will still give 15GB of free storage to each Google account. Google said users will be served email notices informing them of the transition before any change is affected.
Honor 10 Launched: Everything you need to know
The device features a 5.84-inch Full HD+ 2.5D curved glass display with a resolution of 2280 x 1080 and a pixel density of 19:9. In terms of performance, the Honor 10 is powered by an octa core Huawei Kirin 970 processor coupled with Mali-G72 MP12 GPU.
Japan GDP On Tap For Wednesday
That snaps a run of eight quarters of consecutive growth, the longest Japan has achieved since the boom days of the late 1980s. President Donald Trump's protectionist policies on global trade.
Lue, Cavaliers plot Horford-proof Game 2 plan
Offensively, the Cavaliers rightly tried to exploit Love's low-post mismatches against smaller players in the second half. Al Horford's domination of Love set the tone of Game 1. "I'll just be myself, be active early", Thompson said.