Bhubaneswar: The 51 bank consortium that has lent about INR 400 billion to Bhushan Steel may very soon visit the plant sites to do an ‘on-the-spot’ study on operations of the company. On the basis of this, a suitable decision will be taken, Mr. M.S Raghavan, head of IDBI said.
He stated that IDBI bank has moderate exposure to steel company and bank is not that much worried about loan future, because lots of assets have been created by the company and bank consortium will make a suitable decision for recovery. He said that he has received a letter from Bhushan management that the company is doing well and is running by a team of professionals.
“If the company is running at prescribed level, there should not be any anxiety for us,” he added further.
A 51 member banking consortium has lent about INR 400 billion loan to Bhushan Steel with SBI has maximum share of INR 60 billion. Recently, SBI Chairman Arundhati Bhattacharya has advocated for an external agency to take over the day-to-day management of the company.
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