Bhushan steel news in economic times forex
So, in many different ways we saw a lot of synergies there. We also know how long it takes to build a steel plant in India. It has taken us more than 10 years to build Kalinganagar which is today a three million tonne plant whereas Bhushan is a five million tonne plant. So, we worked hard on it and we are happy we got it.
How do you plan to take it forward at a later stage with respect to this and given the fact a proper due procedure has been followed by the committee of creditors as well in a case like this? Do you expect more legal challenges at a later stage? First of all, the promoters will do what they have to do.
It is always difficult to lose an asset that you had created. We respect that but we have played it straight and square and Tata Steel has followed due process. We bid well. The committee of creditors are happy with it. We have already moved into the plants on Friday.
The employees there have welcomed us. As far as we are concerned, we continue to move ahead and we respect the judicial process and we will wait to see what happens next. Will you look at any other assets that are currently undergoing the insolvency process after Bhushan Steel as well? Edelweiss Securities see ebitda for the steelmaker improving to Rs 11, per tonne from Rs 7, per tonne at per cent utilisation rate through enhanced capacity utilisation, efficient raw material sourcing and operating synergies, the company's market leadership in automotive steel segment and possibility of further brownfield expansion at Bhushan Steel.
It is very active in auto sector as well as other value-added products. Besides, the commodity cycle has undergone a change, especially in regard to developments in China. Global steel price on a rise Steel prices are on a rise following the imposition of output cuts by China to help meet emissions targets during the winter months from mid-November to mid-March. Besides, China this month said that it may meet its target for reducing steel capacity by million tonnes in , two years earlier than previously planned.
What analysts say At the prevailing price, the stock is trading at 5. The brokerage has a 'Buy' rating on the stock. Motilal Oswal Securities says the two companies can produce million tonnes saleable steel with current facilities. The business models are similar to JSW Steel. Operating cost for JSW Steel is lower as its furnaces are much larger, while it pays slightly more for iron ore due to its location.
JSW Steel pays less outward freight due to proximity to market, the brokerage noted. Assuming Rs 8, average ebitda per tonne across the cycle, the valuation at 8.
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Officials from these three companies were also present at today's meetings, bankers said. Once a case is referred to NCLT, there is a day time line to decide on a resolution plan though 90 days can be given in addition. If a plan is not decided, then the company will go into liquidation.
These 12 accounts referred by the RBI have an exposure of more than Rs 5, crore each, with 60 per cent or more classified as bad loans by banks as of March Banking system's total NPAs stand at over Rs 8 trillion of which Rs 6 trillion are with public sector banks. Meanwhile, the Reserve Bank today expanded the oversight committee by appointing three more members to the high-level panel that will vet the process to resolve mounting bad loans bogging down the banking sector.
Former chief vigilance commissioner Pradeep Kumar will head the now five-member panel that will work through multiple benches, RBI said in a statement. Johri was remanded in two-day SFIO custody. He is the second executive from the company to have been arrested after his boss and former promoter Neeraj Singal.
Bhushan Steel, which has now been acquired by Tata Steel as part of the insolvency resolution process, is under investigation for irregularities including loan sanctions and disbursals by banks. The government suspects that the company, under the previous management, had overstated the cost of its plant and had diverted a part of the funds. He was a director and was part of the panel dealing with borrowings and investment.
Goltizuru