New Delhi, Aug 8 (IANS) The Competition Commission of India (CCI) on Wednesday said it has no objection to the proposed acquisition of debt-ridden Bhushan Power and Steel Ltd (BPSL) by Tata Steel as it will not impact competition in the sector.
“@CCI_India finds no appreciable adverse effect on competition in respect of Tata Steel’s proposed acquisition of 100 per cent of the total issued and paid up capital of Bhushan Power and Steel Limited,” CCI said on its official Twitter handle.
Currently, BPSL is undergoing stressed asset resolution process of Insolvency and Bankruptcy Code (IBC). Last month, the National Company Law Tribunal (NCLT) extended the bid submission deadline to August 6 after JSW Steel revised its offer.
At this, Tata Steel approached the Supreme Court on August 3 asking for an urgent hearing and a stay on the decision to invite revised bids. On August 6, the NCLT had again extended the deadline for bid submission till August 13.