Bhushan Power & Steel – a major integrated steel maker with a capacity of 3.5 mn t has recorded iron ore sourcing at 189,945 t in Aug’20. The sourcing witnessed a fall of 22% as against 244,036 t in July’20.
Sourcing from Indrani patnaik down 15% for the month
Indrani Patnaik stood the largest supplier of iron ore to BPSL at 58,567 t in Aug’20, down 15% as against 69,155 t in July’20.
Sourcing from Essel Mining picked 22% to 57,950 t for the month as against 47,640 t in July’20.
Sourcing from OMC dropped 73% to 8,349 t for the month of Aug’20 as compared to 30,402 t in July’20.
Bhushan Power & Steel: Iron Ore Sourcing
Source: SteelMint Research
Quantity in t
Provisional Data
the figures include only rake movement, road movement is excluded
BPSL NCLAT case update
In a recent update, Enforcement Directorate (ED) moved to Supreme Court seeking a stay on NCLAT’s order approving JSW steel’s bid for BPSL. The NCLAT had earlier approved JSW’s bid under the new amendment that provides immunity to the new owners from ongoing criminal proceedings against the erstwhile promoters of the company.
NCLAT had on 17th Feb upheld NCLT’s decision and ruled that JSW Steel cannot be held responsible for the alleged misdeeds of the past promoters at any stage.
JSW had offered to pay Rs 19,350 crore to the financial creditors as part of its resolution plan. Apart from this, JSW had offered to pay operational creditors a sum of Rs 350 crore against their admitted claims of Rs 733 crore.
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