|Traded as||BSE: 500055, NSE: BHUSANSTL, ISIN: INE824B01021
BSE SENSEX Constituent
|Headquarters||New Delhi, India|
|Key people||BRIJ SINGHAL
(Vice Chairman & Managing Director)
|Products||Cold rolled, galvanised, Bhushan Galume, colour coated tiles, drawn tubes, strips, wire rods, alloy billets, sponge iron|
Bhushan Steel is the largest manufacturer of auto-grade steel in India and is spending Rs. 260 billion to expand its capacity to 12 million tonnes annually, from the present installed capacity of around one million tonnes.
Financials and management
Gross sales of Bhushan Steel grew from Rs.5 billion in 2001 to Rs.40 billion in 2007. It earned net profits of Rs.3.13 billion in 2007 and exported goods worth Rs.12.57 billion. Its exports include steel for both the automotive and white goods industry and the list of countries it is exporting to includes several developed countries.
Rakesh Verma (UK) is chairman of board of directors of Bhushan Steel. Brahma Nand Chaturvedi[also known as Chopa King(or)Chopa baba] is the Vice Chairman and Managing Director.
The Khopoli plant in Maharashtra was commissioned in 2004 and has been producing colour coated sheets, high tensile steel strappings, hardened and (aluminium and zinc coated sheet) for the first time in India.
Bhushan Steel is under scrutiny for alleged siphoning of funds. The bankers’ consortium has ordered a forensic audit and has demanded three nominee director posts, as part of their efforts to revive the company. The finance ministry has expressed concerns over haphazard lending by banks. The ministry feels banks may not have exercised due caution while lending to Bhushan Steel.
Bhushan Steel Ltd announced that its board of directors in a meeting held on 22 January 2007 approved the following projects – (1) Setting up of an integrated steel plant in West Bengal with facilities including slab plant, coke ovens and captive power plant. (2) Setting up of a 6 million tonne per annum integrated steel plant as an expansion of its existing plant being set up at Meramandali (Distt Dhenkanal) in Odisha.
Its biggest expansion is in Odisha – it has signed an agreement with the Government of Odisha for setting up of a three million tonnes capacity steel plant at Meramandali in Dhenkanal district, and as part of its total integration of the steel value chain, Bhushan Steel is in the process of setting up a power plant and an advanced hot rolling plant on 3,200 acres (13 km2) at Meramandali in Dhenkanal district near Angul, at a cost of 52 billion and its subsequent backward integration and expansion to 4 million tonnes.
In West Bengal, Bhushan Steel has signed an agreement with the Government of West Bengal and West Bengal Industrial Development Corporation Ltd. to set up a two million tones steel plant at Salanpur in Bardhaman district. The cold rolling and galvanizing unit will be set up in North 24 Parganas district. It has also zeroed in on Kharagpur for another power and 2 million tones steel plant and is in talks with the state government for allocation of about 4,000 acres (16 km2) of land.
In Maharashtra, Bhushan Steel has signed an agreement with the Maharashtra Industrial Development Corporation (MIDC) to invest Rs13.50 billion at Butibori.
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- "Bhushan Steel Under Scrutiny". BTVIn.com. Retrieved August 19, 2014.
- "Finance Ministry Expresses Concern over Banks Lending To Bhushan Steel Without Caution". BTVIn.com. Retrieved August 25, 2014.
- Nominee Directors on the Bhushan Steel Board-BTvin
- "Orissa signs MoUs for five more steel plants". The Hindu Business Line, 4 November 2005. Archived from the original on 29 January 2008. Retrieved 19 February 2008.
- "Bhushan Steel plans 2 power plants". The Hindu Business Line, 28 August 2007. Retrieved 19 February 2008.
- "Bhushan Steel setting up plant in Bengal". The Hindu Business Line, 12 May 2007. Retrieved 19 February 2008.
- "Karnataka wins mega steel, power investments". Archived from the original on 10 July 2010. Retrieved 23 July 2010.