Bhushan Power & Steel: Iron Ore Sourcing Fell 13% in Nov'19
...
Bhushan Power & Steel - a major integrated steel maker with a capacity of 3.5 MnT has recorded iron ore sourcing at 0.25 MnT in Nov'19. The sourcing witnessed fall of 13% on monthly basis as against 0.29 MnT in Oct'19.
Sourcing from Rungta mines dropped 22% in Nov'19
Indrani Patnaik stood largest supplier of iron ore for the month at 84,596 MT, up sharply by 23% as compared to 68,747 MT a month ago.
Rungta Mines stood second largest supplier at 68,691 MT, down 22% as against 88,097 MT in Oct'19. Procurement from Essel Mining witnessed at 64,762 MT as against 95,649 MT last month.
State owned miner- OMC mines recorded 20% rise in supplies to Bhushan Power to 21,118 MT in Nov'19 as compared to 17,600 MT a month ago.
Iron ore supplies from Serajuddin and KN Ram continued to remain nil for second consecutive month in Nov'19.
Odisha's major merchant iron ore miners namely Serajuddin, KJS Ahluwalia & Kaypee, KN Ram and Rungta mines increased iron ore fines and lump offers by INR 400/MT (ex-mines, including Roaylty,DMF and GST extra) yesterday (17th Dec 2019) .
Bhushan Power & Steel: Iron Ore Sourcing Nov'19 v/s Oct'19
| Seller | November'19 | October'19 |
| Indrani Patnaik | 84,596 | 68,747 |
| Rungta Mines | 68,691 | 88,097 |
| Essel Mining | 64,762 | 95,649 |
| OMC | 21,118 | 17,600 |
| Kaypee Enterprises | 7,696 | 7,660 |
| MG Mohanty | 3,850 | - |
| SN Mohanty | 3,066 | 9,990 |
| Pattanalk Minerals | - | 3,850 |
| Total | 253,780 | 291,592 |
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.
The case still remains pending due to amendments to the Insolvency and Bankruptcy Code (IBC) and the hearing is scheduled on 13th January.
BPSL Lenders moved to apex court on two grounds. They wanted JSW to implement the resolution plan and the Enforcement Directorate (ED) to reverse an order attaching assets of BPSL.
The Enforcement Directorate (ED) had sought legal opinion to challenge in the Supreme Court the National Company Law Appellate Tribunal (NCLAT)'s order asking it to return the Bhushan Power and Steel's INR 4,025 crore worth of properties it attached recently. However, ED told to NCLAT that doing so will require amendment in Prevention of Money Laundering Act (PMLA).
Also, the National Company Law Appellate Tribunal (NCLAT) on 14th Oct put JSW Steels INR 19,700 crore payment to acquire Bhushan Power and Steel (BPSL) on hold. Prior to this, JSW Steel moved to NCLAT seeking immunity to the corporate debtor from all civil and criminal liabilities, in the context of banking frauds against BPSL.
