Everything You Need To Know About Bhushan Power And Steel

Bhushan Power & Steel Limited is a Public enterprise involved in the manufacturing and marketing of steel products. The company offers flat products that include coated products, galvanized aluminum products, color coated products, cold rolled products, cable tapes, and long products including sponge iron products and iron making products. In addition, the company also manufactures and markets a range of steel pipes, grooved pipes, carbon steel tubes, and hollow steel sections. The other products of the company include HR coils, black pipes, GI pipes, GP sheets, GC sheets, DRI, billets, CR coils, precision tubes, Tor steel, carbon wire rods, and special alloy steel wire rods.

Industries served

The industry verticals served by the company’s products include irrigation, agriculture, HVAC, fire extinguishing, construction including RHS, SHS and CHS, gas and oil pipe lines, automobiles, cerement industry, sugar manufacturing, paper mills, steel companies, bicycles, power projects, and general engineering companies around the world.

History of Bhushan power and Steel

Bhushan Power and Steel Limited was established in the year 1970. The small outlay manufactured door hinges. The second product manufactured by the company during the early years was rail track fasteners. In 1973, the company set up its facility in Chandigarh to manufacture Tor steel and wire rod. Eventually the company expanded its manufacturing facilities which are seven in number today.

Manufacturing facilities and corporate office

The manufacturing facilities of the company are spread across the country. The company has four of its plants in Chandigarh, one in Mohali, Punjab, one in Kolkata and one in Thelkoloi, Orissa. The corporate office of Bhushan Power and Steel is located in New Delhi.

Company information

Bhushan Power and Steel was incorporated in the year 1999. The company is classified as a non-government enterprise and is registered with the Registrar of Companies in Delhi. The authorized share capital of the company is Rs. 4,499,999,700 and the paid up capital is Rs. 1,937,149,950. The main concern of the company is manufacturing and marketing Basic Iron & Steel products.

The Directors of Bhushan Power & Steel Limited include Sanjay Singal, Hardev Chand Verma, Dinesh Yadav Kumar, Ravi Parkash Goyal, Aarti Singal, and Ram Naresh Yadav.

Bhushan Power & Steel Limited's Corporate Identification Number is (CIN) U27100DL1999PLC108350 and its registration number is 108350. The registered address of the company’s corporate office is F-Block, 1st Floor International Trade Tower, Nehru Place, New Delhi, 110019, India.

The recent fraud accusation

Bhushan Power and Steel was accused recently of committing a borrowing fraud of Rs. 3,805 crores. A statement issued by Punjab National Bank said, “It has been observed that the company has misappropriated bank funds, manipulated books of accounts to raise funds from consortium lender banks”. The Punjab National Bank also said it had already created a provision of Rs. 1,932 crores in the company’s account.

Today, Bhushan Power and Steel is one of the most indebted companies of the country. Its name appears among the 12 companies referred to by the Reserve Bank of India to a bankruptcy court for the purpose of deb resolution under the existing insolvency law.