Tata Steel BSL Limited, formerly known as Bhushan Steel Limited, is the largest manufacturer of auto-grade steel in India. Tata Steel BSL Limited, with a large amount of debt in proportion to its equity, is a highly leveraged company. The company's consolidated debt stands at ₹31,839 crore, having risen 18 per cent from a year ago. The Company is spending Rs. 260 billion to expand its capacity to 12 million tonnes annually, from the present installed capacity of around one million tonnes. Insolvency proceedings were initiated against the former company on 26 July 2017 under the Insolvency and Bankruptcy Code, 2016. Tata Steel on 18 May 2018 announced the completion of its acquisition of the then Bhushan Steel through its wholly owned subsidiary Bamnipal Steel Ltd, wrapping up the resolution of the first case under Insolvency and Bankruptcy Code, 2016. The bankrupt firm was among the 12 stressed assets the RBI had referred for NCLT proceedings last year. On November 27, 2018 the company was renamed as Tata Steel BSL Limited from Bhushan Steel Limited. This company is distinct from Bhushan Power & Steel Ltd. with major claims by creditors against it, including the Punjab National Bank. In April 2019, the Tata Steel board approved the merger of Bamnipal Steel and Tata Steel BSL with itself.
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. Rajeev Singhal is the managing director of Tata Steel BSL Limited. 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. 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. At its Meramandali, Dhenkanal 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.
