Tata Steel likely to cancel Bhushan Steel-energy deal, says report

In a bid to cut costs, Tata Steel has started the process to cancel power purchase agreements between Bhushan Steel and Bhushan Energy, The Economic Times reported.

Cancelling the purchase agreement with Bhushan Steel, which it acquired through bankruptcy resolution proceedings, will help the company save up to Rs 30-40 crore every year, the report said citing two people with knowledge of the matter.

The Tatas had earlier revoked an office lease agreement between Bhushan Steel and its former promoters, the report said.