Bhushan power and steel latest news
Here are some of the latest news updates on Bhushan Power and Steel:
Recent Developments:
- Resolution Plan Approved: The National Company Law Tribunal (NCLT) has approved the resolution plan submitted by JSW Steel for Bhushan Power and Steel (BPSL) on November 14, 2020. The plan involves a debt restructuring of over ₹42,000 crore and a fresh investment of ₹19,700 crore.
- JSW Steel to Take Over: JSW Steel will take over the management of BPSL, which has been facing financial difficulties and has been under the Insolvency and Bankruptcy Code (IBC) process since 2017.
- Debt Restructuring: The resolution plan involves a debt restructuring of over ₹42,000 crore, which includes a haircut of around 50% for lenders. The plan also provides for a fresh investment of ₹19,700 crore by JSW Steel.
- Job Security: The resolution plan ensures job security for over 13,000 employees of BPSL, who will continue to work with the company under the new management.
- Operational Upgrades: JSW Steel plans to upgrade the operational capacity of BPSL's steel plant from 6 million tonnes per annum (MTPA) to 12 MTPA, which will increase the company's production capacity and competitiveness.
Recent News Articles:
- "JSW Steel gets NCLT nod to take over Bhushan Power and Steel" - The Hindu BusinessLine (November 14, 2020)
- "JSW Steel to invest ₹19,700 crore in Bhushan Power and Steel" - Business Standard (November 14, 2020)
- "Bhushan Power and Steel: JSW Steel to take over, ensure job security" - The Economic Times (November 14, 2020)
- "JSW Steel's resolution plan for Bhushan Power and Steel approved" - Livemint (November 14, 2020)
- "Bhushan Power and Steel: JSW Steel to upgrade capacity, increase production" - Financial Express (November 14, 2020)
Please note that the news articles may not be up-to-date, and you may want to check the official websites of Bhushan Power and Steel and JSW Steel for the latest information.