AZB & Partners has advised India’s Tata Steel on its acquisition of a 72.7 percent stake in Bhushan Steel, which was in bankruptcy court over unpaid loans, with Shardul Amarchand Mangaldas advising the creditors.
As part of the deal, a unit of Tata Steel is paying 352.33 billion rupees ($5.18 billion) to Bhushan Steel’s creditor banks. It will also pay Bhushan Steel’s operational creditors, such as vendors, another 12 billion rupees over 12 months, said Reuters. This is Tata’s Steel biggest acquisition since acquiring steel giant Corus in 2007.
Reuters added that Bhushan Steel was among a dozen companies pushed to bankruptcy court last year amid a government drive to clear a mountain of bad loans choking credit at Indian banks.
The AZB team was led by partners Shameek Chaudhuri, Vijayendra Pratap Singh, Anindita Roy Chowdhury and Nilanjana Singh, while the SAM team included executive chairman Shardul Shroff, as well as partners Anoop Rawat and Misha.
Luthra & Luthra, led by partner Manmeet Singh, advised the resolution professional.
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