IDBI considering Bellary Steels CDR plan

Bellary Steels & Alloys Ltd has announced that the following developments, that have taken place / taking place in the Company.

1. The Corporate Debt Restructuring Proposal submitted by the Company during June 2007, is under active consideration by Industrial Development Bank of India Ltd, the Lead Financial Institution for the Company.

2. The Proposal is expected to be completed and in place within the next three months.

3. All the clearances in respect of Jaisinghpur Iron Ore Mines, for captive consumption are through, except the last mile formalities like affrorestation fees etc, which are currently under the process of compliance by the Company. This is also expected to be completed within the next three months.

4. The Company is also in active discussions with various Carbon Credit Agencies for completion of its captive 12 MW Power Plant. The balance work is being taken up for completion and the plant is expected to be completed and go on stream within the next 10-12 months.

5. Consequent upon the restructuring of the debts, the availability of captive ore and the commissioning of the Power Plant, the bottomline and the cash flow of the Company would improve tremendously.

Source : Equity Bulls

Keywords