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India's Tata Steel wins race for Bhushan Steel

Tata Steel Ltd. said March 7 that it was the winning bidder for a controlling stake in insolvent Indian steelmaker Bhushan Steel Ltd., beating rival JSW Steel Ltd.

Reuters reported that Bhushan's creditors claimed they were owed 559.89 billion Indian rupees.

According to its website, Bhushan has the capacity to produce 5.6 million tonnes per annum.

As of March 6, US$1 was equivalent to 64.88 Indian rupees.