Explained: How Tata Steel put its soul into debt-laden Bhushan Steel

摘要

Bhubaneswar: The Insolvency and Bankruptcy Code, a reform undertaken by the Narendra Modi government, came as a beacon of hope for banks and investors three years ago. While the law still evolves and litigations pile up, many companies have got a fresh lease of life through IBC. The first of a four-part series takes a look at how erstwhile Bhushan Steel is faring as Tata Steel BSL under a new command. When Tata Steel was done with the takeover of the ailing Bhushan Steel (BSL) in Odisha, ramping up Key Performance Indicators (KPIs) was the least of its concerns. BSL was debt-laden and stressed. But as an asset, it was of immense value given its facilities, competent workforce, and the range of customers it served. Tata Steel decided to focus on the nuts and bolts before worrying about KPIs. The first step was to