It was reported that Tata Steel Ltd. has won the bid and received the approval from Indian central government to win the bid of Bhushan Steel Ltd. (BSL) in an auction.

Bhushan Steel is the largest producer of auto-grade steel in India and is burdened debt as well as insolvency.

According to the report, BSL’s debt has reached to Rs 40,000 crores. This acquisition has been approved on Tuesday with issued incorporate certificate and Bhusan Steel Ltd. has changed its name into Tata Steel BLS Ltd.

Based upon the report, Tata Steel BLS Ltd. would be owned by Tata Steel’s subsidiary, Bamnipal Steel Ltd. (BNPL).