Tata Steel Ltd. has forwarded an all-cash bid of 350 billion Indian rupees to take over the insolvent Indian steelmaker Bhushan Steel Ltd. from its creditors, Bloomberg News reported March 23, citing " a person with knowledge of the matter."

Tata said the same day that its bid was declared successful by Bhushan's creditors, subject to receipt of regulatory approvals, including approval from the National Company Law Tribunal and the Competition Commission of India.

If Tata completes the acquisition by March 2019, it will become the country's largest steelmaker, Bloomberg added.

Live Mint reported the same day that Tata's cash bid comprises 348 billion rupees to the financial creditors and a further 12 billion rupees to Bhushan's operational creditors.

According to previous reports, Bhushan's creditors claimed they were owed 559.89 billion Indian rupees.

Tata's bid for Indian steelmaker Electrosteel Steels Ltd. was challenged by Renaissance Steel India Pvt. Ltd. on grounds that the company is not eligible to lodge a bid due to criminal cases against its U.K. subsidiary, Tata Steel UK Ltd.

Live Mint wrote that cases against Tata in Kolkata's National Company Law Tribunal may create problems for its bid.

As of March 22, US$1 was equivalent to 65.15 Indian rupees.