Bhushan Power & Steel: Iron Ore Sourcing Up 39% in Apr'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 0.29 MnT in Apr'19. The sourcing witnessed rise of 39% as against 0.21 MnT in Mar'19.
Sourcing from Rungta mines increased sharply M-o-M
Essel mining supplies to Bhushan Power and Steel recorded highest for the month of Apr'19 at 0.11 MnT, almost stable on monthly basis.
Sourcing from Rungta mines increased to 0.08 MnT as against 3,850 MT in Mar'19.
State owned miner- OMC mines recorded significant rise in sourcing to 0.07 MnT as compared to 0.02 MnT in Mar'19.
Serajuddin mines supplies decreased sharply to 0.01 MnT compared to 0.05 MnT a month ago.
Bhushan Power and Steel's iron ore sourcing: Apr'19 v/s Mar'18
| Seller | April'19 | March'19 |
| Essel Mining | 110,690 | 112,276 |
| Rungta Mines | 77,447 | 3,850 |
| OMC | 74,316 | 21,920 |
| Indrani Patnaik | 19,242 | - |
| Serajuddin | 11,545 | 49,763 |
| RP Sao | - | 22,446 |
| Grand Total | 293,240 | 210,254 |
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) has accepted the bid for acquisition of BPSL, JSW Steel's plan has already been submitted to the National Company Law Tribunal (NCLT).
However, NCLAT on 23rd Apr reserved its order on approval of JSW Steel's resolution plan for Bhushan Steel and Power (BSPL). The final decision still remains pending.
