Tata Steel BSL

TATA Steel BSL
Company typePublic
ISININE824B01021
IndustrySteel
Founded1987; 37 years ago (1987)
DefunctApril 2019
Fatemerger
HeadquartersKolkata, India[1]
Key people
TV Narendran
(Chairman & Non-Executive Adnl. Director)
Rajeev Singhal
(MD)
ProductsCold rolled, galvanised, Bhushan Galume, Tata Shaktee,colour coated tiles, drawn tubes, strips, wire rods, alloy billets, sponge iron
RevenueIncrease US$1.7 billion
Number of employees
5000+
ParentTata Steel
WebsiteOfficial website
Not to be confused with Bhushan Power & Steel, another company promoted by the same family.

Tata Steel BSL Limited, formerly known as Bhushan Steel Limited, was the largest manufacturer of auto-grade steel in India.[2] Tata Steel BSL Limited, with an amount of debt in proportion to its equity (0.5 times more). The company's consolidated debt stands at ₹10,686 crore. The company was spending Rs. 260 billion to expand its capacity to 12 million tonnes annually,[3][4] from the present installed capacity of around one million tonnes.[5]

History

Insolvency proceedings were initiated against the former company on 26 July 2017 under the Insolvency and Bankruptcy Code, 2016.[6][7] On 27 November 2018 the company was renamed as Tata Steel BSL Limited from Bhushan Steel Limited.

This company is distinct from Bhushan Power & Steel (with Sanjay Singal as Chairman & Managing Director).[8] with major claims by creditors against it, including the Punjab National Bank.[9][10]

In April 2019, the Tata Steel board approved the merger of Bamnipal Steel and Tata Steel BSL (formerly Bhushan Steel Ltd) with itself.[11]

Plants

The Khopoli plant in Maharashtra was commissioned in 2004 and has been producing colour-coated sheets, high-tensile steel strappings, hardened and tempered steel strips for the first time in India, along with CRCA steel to cater to the needs of the automobile industry.[12]

At its Sahibabad plant in Ghaziabad, Uttar Pradesh, it has a 1700 mm mill, which produces the widest sheets in India for the automotive industry. It has highly automated systems.[5]

At its Meramandali, Dhenkanal Integrated steel plant in Odisha, Tata Steel BSL produces hot rolled coils and has mills for hot rolling. Construction of the first phase is being carried out.[5]

Financial Management

Gross sales of Tata Steel BSL grew from Rs. 5 billion in 2001 to Rs. 40  billion in 2007. It earned net profits of Rs. 3.13 billion in 2007 and exported goods worth Rs. 12.57 billion. Its exports include steel for both the automotive and white goods industry and the list of countries to which it exports includes several developed countries.[5]

References

  1. ^ tatasteelbsl.co.in/contact/our-address/
  2. ^ "Analysts' picks: Ambuja, Cairn India, Cadila, RCom, Bhushan Steel". The Economic Times. The Economic Times, 9 February 2008. 9 February 2008. Retrieved 19 February 2008.
  3. ^ "Tata Steel BSL to spend Rs 260 bn hike capacity to 12 mn ton". Iris, 11 February 2008. Retrieved 19 February 2008.
  4. ^ "Tata Steel BSL confirms setting up of projects worth Rs 260bn". India Infoline, 11 February 2008. Archived from the original on 16 May 2011. Retrieved 19 February 2008.
  5. ^ a b c d "Tata Steel BSL Ltd. (formerly Bhusan Steel & Strips)". TATA Steel BSL Limited. Archived from the original on 17 April 2008. Retrieved 19 February 2008.
  6. ^ "L&T moves NCLT to be declared as secured creditor in Bhushan Steel insolvency", Live Mint, 8 March 2018
  7. ^ "First under insolvency code: Bhushan Steel bought by Tata Steel", The Indian Express, 21 May 2018
  8. ^ Bhushan Power & Steel Ltd.
  9. ^ Financial Creditors Claim as on 22.05.2019
  10. ^ Scandal-Hit Indian Lender Uncovers Fresh $555 Million Bank Fraud, Iain Marlow and Suvashree Ghosh, Bloomberg, 6 July 2019
  11. ^ Mazumdar, Rakhi (25 April 2019). "Tata Steel board approves merger of Bamnipal Steel & Tata Steel BSL". The Economic Times. Retrieved 13 December 2020.
  12. ^ Bhushan Steel – Khopoli