Bhushan Power & Steel: Iron Ore Sourcing Up Marginally in Sep'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 0.35 MnT in Sep'19. The sourcing witnessed rise of 3% on monthly basis as against 0.34 MnT in Aug'19.
Sourcing from Rungta mines down 15% in Sep'19
Rungta Mines stood largest supplier of iron ore for the month at 0.11 MnT, down 15% as against 0.13 MnT in Aug'19.
Essel mining stood second largest at 0.07 MnT, up 49% M-o-M followed by Indrani Patnaik at 0.065 MnT.
Serajuddin mines iron ore supplies to Bhushan power for the month recorded at 0.05 MnT, down 28% compared to 0.07 MnT a month ago (Aug'19). However, the miner had reduced lump offers towards Sep'19 by INR 300/MT to INR 3,400/MT (ex-mines, including Royalty, DMF, & NMET).
State owned miner- OMC mines recorded marginal fall in supplies to Bhushan Power by 5% to 34,682 MT in Sep'19 as compared to 36,553 MT a month ago.
Procurement from Patnaik Minerals, SN Mohanty and KN Ram marked at 11,550 MT, 9,979 MT and 3,850 MT respectively.
Bhushan Power & Steel Iron ore Sourcing Sep'19 & Aug 19
| Seller | September'19 | August'19 |
| Rungta Mines | 108,281 | 127,842 |
| Essel Mining | 67,375 | 45,114 |
| Indrani Patnaik | 65,384 | 29,917 |
| Serajuddin | 49,513 | 68,774 |
| OMC | 34,682 | 36,553 |
| Pattanaik Minerals | 11,550 | 11,550 |
| SN Mohanty | 9,979 | 5,650 |
| KN Ram | 3,850 | - |
| KJS Ahluwalia | - | 580 |
| Kaypee Enterprises | - | 15,377 |
| Grand Total | 350,613 | 341,357 |
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.
In recent update received, the Enforcement Directorate (ED) 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 Rs 4,025 crore worth of properties it attached recently.
The NCLAT in its order said that the ED has no jurisdiction to attach the property of a corporate debtor especially when an appeal is pending against such an attachment. The orders came as a result of ED's move to attach BPSL's properties. The ED had last week provisionally attached BPSL's properties, which included land, buildings and machinery of the company's plant in Sambalpur district of Orissa.
Also, the National Company Law Appellate Tribunal (NCLAT) on 14th Oct put JSW Steels Rs 19,700 crore payment to acquire Bhushan Power and Steel (BPSL) on hold.
Last month, 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.
