Bhushan Power and Steel Iron Ore Sourcing Up 43% in July'19
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Bhushan Power & Steel - a major integrated steel maker with a capacity of 3.5 MnT has recorded iron ore sourcing at 0.30 MnT in July'19. The sourcing witnessed rise of 43% on monthly basis as against 0.21 MnT in June'19.
Sourcing from Rungta mines down 6% M-o-M
Serajuddin mines stood the largest supplier of iron ore to Bhushan power for the month at 0.08 MnT, up sharply compared to 0.01 MnT a month ago (June'19).
Essel mining supplies to Bhushan Power and Steel recorded 18% drop for the month at 0.07 MnT, as compared to June'19 supplies at 0.08 MnT.
Sourcing from Rungta mines fell 6% to 0.06 MnT as against 0.062 MnT in last month.
State owned miner- OMC mines recorded increased supplies to Bhushan Power by 6% to 49,448 MT in July'19 as compared to 46,786 MT a month ago.
Procurement from Indrani Patnaik and Kaypee Enterprises stood at 20,450 MT and 14,842 MT respectively as against being nil a month before.
Bhushan Power & Steel Iron ore Sourcing July'19 & June'19
| Seller | July'19 | June'19 |
| Serajuddin | 79,794 | 11,543 |
| Essel Mining | 69,722 | 84,637 |
| Rungta Mines | 59,020 | 62,867 |
| OMC | 49,448 | 46,786 |
| Indrani Patnaik | 20,450 | - |
| Kaypee Enterprises | 14,842 | - |
| SN Mohanty | 4,094 | 2,947 |
| KJS Ahluwalia | 329 | - |
| Grand Total | 297,698 | 208,779 |
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.
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. JSW has submitted 19,300 crore bid to take over BPSL, CoC (Committee of creditors) had accepted the bid for acquisition of BPSL. However, the decision remains pending with NCLT.
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.
