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Revival of Essar Steel may face hurdles

DNMUM400825 | 11/15/2017 | Author : Ateeq Shaikh | WC :397

Mumbai: Naxalites puncturing Essar Steel’s slurry pipeline, unavailability of gas at viable prices and lack of long-term funds are three crucial roadblocks that bidders for the company will have to face to save it from its current financial mess.
Ever since the company was referred to National Company Law Tribunal (NCLT), its production, as well as profits, have taken a plunge.
The production, which was at 1.57 million tonne in the first quarter of this fiscal, has fallen to 1.33 million tonne in the July-September quarter, a drop of 15%. Similarly, the operating profit, which was at Rs 297 crore in April this year, dropped to Rs 113 crore in July.
Senior company officials are of the opinion that the operating profit would drop
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