Kolkata: Tata Steel has decided to rechristen its recently acquired asset, Bhushan Steel as Tata Steel BSL. This was approved by shareholders at Bhushan Steel's AGM recently.
The change in name of the company was passed as a special resolution during the AGM, Bhushan Steel informed the BSE in a notification last week saying the meeting has approved a “Change in the name of the Company to "Tata Steel BSL Limited" or such other name as may be approved by the Registrar of Companies and consequent amendments in the Memorandum and Articles of Association of the Company.”
The name change is part of the process to integrate Bhushan Steel operations within the Tata Steel fold.
Tata Steel had acquired Bhushan Steel under the Corporate Insolvency Resolution Process in April this year for Rs 35,200 crore. T V Narendran Tata Steels Global CEO & MD who chaired the meeting briefed the members on the corporate insolvency resolution process of the company, its financial performance for the year ended March 31, 2018 and activities in connection with aligning the company's operations with that of Tata Steel.
Tata Steel is also planning to raise the current production level at Bhushan Steel to four million tonne (mt) by end of the current financial year from the present level of 3.5 mt. The Bhushan plant in Odhisa has a capacity of five million tonne but the currently operating at 3.5 mt a year. Following acquisition of Bhushan Steel, the Tata group is also working towards improving safety and environment aspects at the unit to match its internal standards.
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