Bhushan Power & Steel: Iron Ore Sourcing Down 25% in May'19

Bhushan Power & Steel - a major integrated steel maker with a capacity of 3.5 MnT has recorded iron ore sourcing at 0.22 MnT in May'19. The sourcing witnessed fall of 25% as against 0.29 MnT in Apr'19.

Sourcing from Rungta mines dropped sharply M-o-M

Essel mining supplies to Bhushan Power and Steel recorded highest for the month of May'19 at 0.11 MnT, almost stable on monthly basis.

State owned miner- OMC mines recorded drop in supplies to Bhushan by 29% to 0.05 MnT in May'19 as compared to 0.07 MnT a month ago.

Sourcing from Rungta mines dropped to 0.05 MnT as against 0.08 MnT in previous month.
Serajuddin mines supplies dropped to nil for the month against 0.01 MnT in Apr'19.

Bhushan Power and Steel's iron ore sourcing: May'19 v/s Apr'18

Source: SteelMint Research
Quantity in MT
Provisional Data

Bhushan Power & Steel NCLAT Case Update

Bhushan Power and Steel is one of the companies undergoing bankruptcy proceedings.JSW Steel had been declared as the winning bidder for Bhushan Power and Steel (BPSL). CoC (Committee of creditors) had accepted the bid for acquisition of BPSL, and JSW Steel's plan was submitted to the National Company Law Tribunal (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. The decision for the preferred bidders remains pending and the NCLAT directed NCLT to consider the matter uninfluenced by any order except the decision of NCLAT and the Hon'ble Supreme Court.