Bhushan Power & Steel: Iron Ore Sourcing Up 80% in August

Bhushan Power & Steel – a major integrated steel maker with a capacity of 3.5 MnT has recorded an iron ore sourcing at 0.36 MnT in Aug’18. The sourcing witnessed rise of 80% as against sourcing in July’18 at 0.20 MnT.

In FY’19 (Apr-Aug’18) the company’s total sourcing witnessed at 1.41 MnT, with largest supplier being OMC at 0.48 MnT.

Serajuddin mine marked the largest source of supplies to Bhushan Steel –

For the month of Aug’18, Serajuddin mines stood the largest supplier at 0.14 MnT, as against being nil supplies a months before. Serajuddin contributed 40% of total sourcing by the company for the month.

OMC mines stood second largest supplier at 0.11 MnT (up 67% M-o-M) followed by Essel Mining at 0.08 MnT (up 50% on monthly basis).

Rungta mines recorded 66% drop in monthly supplies at 0.03 MnT.

Bhushan Power and Steel’s iron ore sourcing: Aug’18 v/s July’18

Source: SteelMint Research
Quantity in MT
Provisional Data

Bhushan Power and Steel is one of the companies undergoing bankruptcy proceedings.

The Bhushan Power and Steel auction initially received interest from 12 bidders, out of which JSW and Tata made to the final stage with former securing higher bids. UK based Liberty house submitted the bids post the deadline of 8th Feb, which was initially rejected by CoC (committee of creditors) but later accepted. Tata Steel emerged the highest bidder in first round of bidding. However, on 27 Jul’18, NCLAT (National Company Law Appellate Tribunal) directed Bhushan Power’s Committee of Creditors (CoC) to go for rebids after the other firms expressed wish to increase their offers.

JSW Steel Ltd, Tata Steel Ltd and Liberty took part in the second round of bidding held on 13th Aug’18.

Later, the lenders submitted revised bids to which the final decision of preferred bidder will be taken in next hearing on 24th Sep.