Bhushan Power & Steel – a major integrated steel maker with a capacity of 3.5 mn t has recorded iron ore sourcing at 429,800 t in Nov’20. The sourcing witnessed a rise of 11% as against 388,673 t in Oct’20.
- JSW Steel stood as the largest supplier of iron ore to BPSL at 200,691 t in Nov’20, against 95,551 t in Oct’20.
- Sourcing from Essel mining dropped by 23% to 134,030 t in Nov’20 as compared with 174,937 t in Oct’20.
- Sourcing from OMC rose up to 67,595 t for the month as against 62,450 t in Oct’20. SteelMint learned that Odisha may entrust at least three iron deposits that could not be auctioned last year to state -owned PSUs Odisha Mining Corporation and the state’s new exploration agency – Odisha Mineral Exploration Corporation. This may increase the sourcing by the miner in upcoming months.
- Sourcing from Indrani Patnaik, KJS Ahluwalia and Rungta mines dropped to nil as against 19,209 t, 7,689 t and 7,727 t respectively in Oct’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
BPSL insolvency proceeding has been on for the last three-years. JSW Steel has proposed to raise its offer for BPSL by around 400 cr in a bid to close the much-delayed acquisition. JSW Steel had initially offered Rs 19,350 crore for the company under the bankruptcy process and was declared the highest bidder almost a year back, but the case has since been stuck in courts due to various litigations.
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. However, the Enforcement Directorate (ED) had moved to the Supreme Court seeking a stay on NCLAT’s order approving JSW steel’s bid for BPSL.
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.
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