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Bhushan Steel chalks out plan to improve cash flows

Updated: July 17, 2015 6:20 am

Neeraj Singhal-led Bhushan Steel said it would focus on capacity utilisation to ramp up operating profits. “Since there will be no pressure of debt repayment for the next four years, we plan to focus on raising the top line. We will focus on catering to large clients and original equipment makers of the automobile segment as well as the white goods market,” told Nitin Johari, chief financial officer. “For this, the capacity utilisation will also be raised to over 90 per cent from the current 65-68 per cent,” he added. Early this month, a joint lenders’ forum agreed to refinance Bhushan Steel’s Rs 35,000 crore (as on March 31, 2014) debt under the 5/25 scheme for infrastructure projects. Under this scheme, banks can extend loan repayment periods up to 25 years, with an option of refinancing the loan every five years.

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