India: Bhushan Power & Steel iron ore sourcing up 71% in Oct'20

Bhushan Power & Steel - a major integrated steel maker with a capacity of 3.5 mn t has recorded iron ore sourcing at 293,121 t in Oct'20. The sourcing witnessed a rise of 71% as against 171,400 t in Sep'20.

• Essel mining stood as the largest supplier of iron ore to BPSL at 174,937 t in Oct'20, up as against 75,601 t in Sep'20.
  
  
• Sourcing from OMC picked to 62,450 t for the month as against 26,138 t in Sep'20.
  
  
• Sourcing from Indrani patnaik dropped 36% to 19,209 t for the month of Oct'20 as compared to 29,942 t in Sep'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
JSW Steel expects Bhushan Power and Steel deal to be completed before this quarter-end. BPSL insolvency proceedings has been on for the last three-years and the INR 19,700-crore resolution plan of JSW Steel itself was approved by NCLT in Sept'19.

Enforcement Directorate (ED) had moved to Supreme Court seeking a stay on NCLAT's order approving JSW steel's bid for BPSL. 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.

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.

JSW had offered to pay INR 19,350 crore to the financial creditors as part of its resolution plan. Apart from this, JSW had offered to pay operational creditors a sum of INR 350 crore.