Bhushan Power & Steel: Iron Ore & Pellet Sourcing Up 15% in Aug’19

Bhushan Power & Steel – a major integrated steel maker with a capacity of 3.5 MnT has recorded iron ore sourcing at 0.34 MnT in Aug’19. The sourcing witnessed rise of 15% on monthly basis as against 0.30 MnT in July’19.

Sourcing from Rungta mines picked up sharply in Aug’19

Rungta Mines stood largest supplier of iron ore for the month at 0.13 MnT, up sharply as against 0.06 MnT in July’19.

Serajuddin mines iron ore supplies to Bhushan power for the month recorded at 0.07 MnT, down 14% compared to 0.08 MnT a month ago (July’19).

Essel mining supplies to Bhushan Power and Steel recorded 35% drop for the month at 0.05 MnT, as compared to July’19 supplies at 0.07 MnT.

State owned miner- OMC mines recorded fall in supplies to Bhushan Power by 26% to 36,553 MT in Aug’19 as compared to 49,448 MT a month ago.

Procurement from Indrani Patnaik and Kaypee Enterprises and Patnaik Minerals picked up on monthly basis to 29,917 MT and 15,377 MT and 11,550 MT respectively.

Bhushan Power & Steel Iron ore Sourcing Aug’19 & July 19

Source: SteelMint Research
Quantity in MT
Provisional Data
the figures include only rake movement, road movement is excluded

Bhushan Power & Steel NCLAT Case Update

Bhushan Power and Steel is one of the companies undergoing bankruptcy proceedings. JSW Steel is seeking immunity to the corporate debtor from all civil and criminal liabilities, in the context of banking frauds against BPSL. However, NCLAT has scheduled the next hearing on 14th Oct to hear the plea of JSW Steel.

Earlier, JSW Steel approached NCLT for relief in the wake of fraud cases reported by banks including Punjab National Bank and Allahabad bank against BPSL.
NCLAT on 23rd Apr reserved its order on approval of JSW Steel’s resolution plan for Bhushan Steel and Power (BSPL). Later, CoC of Bhushan Steel made an appeal to NCLAT to speed track the process; however, NCLAT rejected the plea of early disposal of the corporate insolvency resolution process.