AQUISITIONS & MERGERS
Tata Steel to acquire Bhushan Steel through its subsidiary Bamnipal Steel
Tata Steel will be acquiring debt-ridden Bhushan Steel as its bid has been approved by National Company Law Tribunal (NCLT).
Details about Tata Steel’s acquisition of Bhushan Steel:
i. Tata Steel will be acquiring Bhushan Steel through its step-down subsidiary Bamnipal Steel Ltd, which will invest in Bhushan steel and acquire the controlling stake.
ii. As per the resolution plan, Bamnipal Steel will subscribe to the equity share capital of Bhushan Steel on a preferential basis at a price of Rs 2 per share, and provide additional funds in the form of inter-corporate loans of which up to Rs 9000 crore loans have an option of conversion into equity shares of BSL.
iii. These investments of Bamnipal Steel in Bhushan steel will raise Rs 35132.58 crore, which will be used to settle the existing debts of Bhushan Steel.
Quick Facts about Tata Steel:
♦ Founded in – 1907
♦ Headquarters – Mumbai, Maharashtra
SCIENCE & TECHNOLOGY
Tiny NASA satellite maps global ice clouds
“IceCube”, a tiny NASA satellite which is about the size of a loaf of bread has developed the first global map of ice clouds.
Tiny NASA satellite maps global ice clouds:
i. The IceCube spacecraft was deployed from the International Space Station (ISS) in 2017.
ii. It is testing instruments for their ability to make space-based measurements of the small, frozen crystals that create ice clouds.
iii. Ice clouds start as tiny particles high in the atmosphere. They absorb moisture, and become heavier. This make them to fall to lower altitudes.
iv. The ice clouds affect Earth’s energy budget by reflecting or absorbing the Sun’s energy and by affecting the emission of heat from Earth into space.
v. Ice clouds are major variables in weather and climate models. IceCube was equipped with a sub-millimetre radiometer that links the missing sensitivity between infrared and microwave wavelengths.
vi. IceCube weighs only 10 pounds. It has three-axis attitude control, deployable solar arrays and a deployable UHF communications antenna.
vii. The CubeSat spins around its axis. It points at Earth to measure and looks at the space to calibrate.
viii. It was started as a 30-day technology-demonstration mission. It still operates in low-Earth orbit, measuring ice clouds and providing data.
ix. IceCube charges its batteries when the Sun shines on its solar arrays. During the test, safeguards prevented the satellite from losing all its power and ending the mission.
x. The batteries operated the IceCube throughout night and recharged during the day. IceCube will operate for a year, and then it will reenter Earth’s atmosphere and burn up.
About National Aeronautics and Space Administration (NASA):
♦ Headquarters – Washington, D.C., U.S.
♦ Administrator – Jim Bridenstine