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Bhushan Steel has got lenders’ approval for Rs 30,000 crore loan restructuring

Bhushan Steel (BSL) has got approval from lenders’ for long term restructuring of about Rs 30,000 crore loans under a scheme of Reserve Bank of India.

Nittin Johari, the Chief Finance Officer (CFO) of Bhushan Steel said, “About 70 per cent of the lenders have approved the scheme and by the end of this month it should get closed”.

He also added that “the sanction from few banks are awaited and as soon as the nod is given the plan will begin.”

“We have a four-year moratorium on principal repayment. After this, there will be a 21-year repayment period, with a provision to refinance every five years,” he said.

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