Bhushan Steel will continue to be a listed subsidiary of Bamnipal Steel, said T V Narendran, Tata Steel, Managing Director and Chief Executive Officer.
"It will continue to be a listed subsidiary of Bamnipal Steel, which is a special purpose vehicle (SPV) that we have setup. Bamnipal Steel will be 100% owned subsidiary of Tata Steel and Bamnipal Steel will invest in Bhushan Steel," Narendran said.
Read also: Bhushan Steel would remain a listed subsidiary post deal, says Tata Steel
Bhushan steel deal would be financed by Tata Steel's internal cash reserves while the remaining will be borrowed to fund the deal, said Narendran.
"We want the deal to go through. Today, it has gone to National Company Law Appellate Tribunal (NCLAT). So, let’s see what they say, but we are ready to go. If we get the clearance, we are ready to move in tomorrow," he said.
Speaking to CNBC-TV18, Narendran said Tata Steel will hold 72% in Bhushan Steel post deal and there is no immediate plans for delisting or merger with Tata Steel.
“We are very keen on this. It supplements our existing facilities very well and we see a lot of benefits that we can derive from the footprint that they have,” he further added.