Bhushan Power & Steel
Bhushan Power & Steel is an Indian integrated steel and power company, now operating as JSW Bhushan Power & Steel under JSW Steel ownership.
Last updated August 27, 2026
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Overview
Bhushan Power & Steel is an Indian steel manufacturer whose business developed around integrated production of steel products and captive power. The company was founded in 1970, incorporated in 1973, and registered with the Registrar of Companies in Delhi. Its early manufacturing activity was established in Chandigarh, where it produced Tor steel and wire rod. The business was promoted by Sanjay Singal and later expanded beyond basic steelmaking into an integrated industrial system combining raw-material processing, direct-reduced iron, coke, sinter, blast-furnace operations, steelmaking, rolling-related output, and power generation. The company's principal industrial base is in Sambalpur, Odisha, where it operates an integrated steel and power plant described as having capacity of approximately 3.5 million tonnes per year. The complex includes direct-reduced-iron kilns, a captive power plant, coal washing, a compact strip production plant, blast-furnace and coke-oven facilities, sintering, oxygen production, steelmaking, and lime and dolomite processing. The integrated configuration is intended to link fuel, ironmaking, steelmaking, and energy requirements within one manufacturing system rather than relying solely on external suppliers. Bhushan Power & Steel became one of the highly indebted Indian companies referred by the Reserve Bank of India to insolvency proceedings for debt resolution. During 2019, investigative and banking authorities publicly alleged financial irregularities involving the company. The allegations included suspected fraudulent borrowing and the diversion or misuse of bank financing. Punjab National Bank disclosed an alleged fraud exposure of ₹3,805.15 crore in July 2019, while other banks also reported alleged irregularities connected with the company. The Central Bureau of Investigation opened an investigation into allegations involving loans from several banks. These matters were allegations and investigations rather than a final finding stated in the available reference material. In the insolvency-resolution process, JSW Steel submitted a resolution proposal valued at approximately ₹19,700 crore, which was approved by the National Company Law Tribunal. Bhushan Power & Steel was acquired by JSW Steel in September 2019. JSW Steel later announced that it had paid ₹19,350 crore to the company's financial creditors under the approved resolution plan. Following the acquisition, the business became known as JSW Bhushan Power & Steel Limited, or JSW BPSL, while retaining its identity as an integrated steel producer within the JSW Group. The company's present identity is therefore tied to both its historical Bhushan Power & Steel name and its ownership by JSW Steel. Its business scope is industrial rather than consumer-facing: it manufactures steel and operates supporting energy and processing assets for the Indian market. The available reference material does not provide a separate consumer brand portfolio, current executive roster, standalone website, or public stock-market listing for Bhushan Power & Steel itself.
History
Bhushan Power & Steel originated in 1970 and was incorporated three years later, with registration in Delhi. The company was promoted by Sanjay Singal. Its first identified manufacturing facility was established in Chandigarh in 1973 to produce Tor steel and wire rod. These products placed the company in India's developing long-steel and construction-materials economy. Over time, Bhushan Power & Steel expanded from individual steel products toward an integrated manufacturing model. Its major industrial complex in Sambalpur, Odisha, was described as a 3.5 million tonnes-per-year integrated steel and power plant. The facility brought together direct-reduced-iron kilns, coal washing, power generation, compact strip production, blast-furnace and coke-oven operations, sintering, oxygen production, steelmaking, and lime and dolomite processing. The company was reported to have seven manufacturing facilities in India. The company's expansion was accompanied by substantial debt. It became one of the companies referred by the Reserve Bank of India to a bankruptcy court for resolution. In 2019, the Central Bureau of Investigation accused the company of taking large loans from several banks that subsequently became non-performing assets. Punjab National Bank later reported an alleged fraud exposure of ₹3,805.15 crore. Allahabad Bank and Punjab & Sind Bank also disclosed alleged fraud amounts connected with BPSL. The available reference describes these matters as investigations and allegations. The Enforcement Directorate attached assets valued at approximately ₹4,025 crore in October 2019 in connection with the investigation. The National Company Law Appellate Tribunal subsequently issued a stay order, and the Ministry of Corporate Affairs argued in proceedings that the Enforcement Directorate did not have jurisdiction to attach assets during an insolvency process. The Enforcement Directorate considered seeking further legal advice concerning a challenge before the Supreme Court. JSW Steel became the successful resolution applicant. Its offer, reported at approximately ₹19,700 crore, was approved by the National Company Law Tribunal, and the acquisition was completed in September 2019 according to the reference material. In March 2021, JSW Steel announced payment of ₹19,350 crore to the company's financial creditors under the resolution plan. After the transaction, the company was known as JSW Bhushan Power & Steel Limited, commonly abbreviated JSW BPSL. Its historical manufacturing assets and steel operations consequently became part of JSW Steel's broader industrial portfolio.
- 2021
Payment to financial creditors
[1]JSW Steel announced payment of ₹19,350 crore to Bhushan Power & Steel's financial creditors under the resolution plan.
- 2019
Insolvency-resolution acquisition by JSW Steel
[1]JSW Steel's resolution proposal was approved by the National Company Law Tribunal, and the company was acquired in September 2019.
- 1973
Incorporation and Chandigarh facility
[1]The company was incorporated and registered with the Registrar of Companies in Delhi. It established a Chandigarh facility for Tor steel and wire rod production.
- 1970
Company founded
[1]Bhushan Power & Steel was founded in India and later developed into an integrated steel manufacturer.
Products and positioning
An India-focused integrated steel manufacturer with captive power and upstream-to-downstream production capabilities; since 2019, positioned within JSW Steel's industrial portfolio as JSW Bhushan Power & Steel.
Long steel · 1973
Tor steel
Tor steel was among the company's original identified products at its Chandigarh facility. It is a reinforcing-steel product associated with construction applications and formed part of Bhushan Power & Steel's early manufacturing base.
Long steel · 1973
Wire rod
Wire rod was manufactured at the company's early Chandigarh operation. It is an intermediate long-steel product used by downstream processors and manufacturers for applications such as wire, fasteners, and related steel goods.
Steel
Integrated steel products
The Sambalpur complex supports integrated steel production through direct-reduced iron, blast-furnace, coke-oven, sinter, oxygen, and steelmaking facilities. The available reference does not provide a complete current catalogue of finished grades or branded product lines.
Industrial power
Captive power
Power generation is an integrated part of the Sambalpur steel complex. The facility was described as including a 100 MW power plant serving the energy needs of the steelmaking system.
Controversies
2019
Bank-loan and alleged fraud investigations
The Central Bureau of Investigation accused Bhushan Power & Steel of obtaining large loans from several banks that later became non-performing assets. During July 2019, Punjab National Bank, Allahabad Bank, and Punjab & Sind Bank disclosed alleged fraud exposures connected with the company. The available reference describes these as allegations and ongoing investigations.
2019
Enforcement Directorate asset attachment dispute
The Enforcement Directorate attached assets valued at approximately ₹4,025 crore in October 2019 in connection with the investigation. The National Company Law Appellate Tribunal issued a stay, while the Ministry of Corporate Affairs questioned the agency's jurisdiction to attach assets during insolvency proceedings.
Brand decisions
2021
Payment under the approved resolution planM&ABackground
Following the acquisition and insolvency-resolution approval, JSW Steel was required to implement the financial terms of its plan.
Action taken
JSW Steel announced that it had paid ₹19,350 crore to Bhushan Power & Steel's financial creditors.
Aftermath
The payment marked a significant implementation step in the resolution of the company's creditor claims.
Payment to financial creditors. ₹19,350 crore paid (26 March 2021)
2019
JSW Steel selected as resolution applicantM&ABackground
Bhushan Power & Steel was among the heavily indebted Indian companies referred to insolvency proceedings for debt resolution.
Action taken
The National Company Law Tribunal approved JSW Steel's resolution proposal, reported at approximately ₹19,700 crore, and JSW Steel acquired the company in September 2019.
Aftermath
The business became known as JSW Bhushan Power & Steel Limited and was incorporated into JSW Steel's industrial portfolio.
Resolution-plan value. ₹19,700 crore offer approved (2019)
Recent events
- 2021
JSW Steel announced payment to Bhushan Power & Steel financial creditors[1]
M&A · Bankruptcy
JSW Steel announced that it had paid ₹19,350 crore to Bhushan Power & Steel's financial creditors under the approved resolution plan.
- 2019
JSW Steel's resolution plan for Bhushan Power & Steel was approved[1]
M&A · Bankruptcy
JSW Steel's approximately ₹19,700 crore offer was approved by the National Company Law Tribunal as part of the insolvency-resolution process.
Sources3 sources
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