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India's Bhushan Steel says servicing debt so far
August 12, 2014 / 11:07 AM / in 3 years

India's Bhushan Steel says servicing debt so far

NEW DELHI, Aug 12 (Reuters) - India’s Bhushan Steel Ltd , a debt-ridden company whose managing director was arrested last week in a bribery case involving a bank chairman, has so far been able to service its loans, its finance director told Reuters on Tuesday.

“As of date, there is no bad loan,” Finance Director Nittin Johari said. “We are in talks with the banks.”

He said he expected clarity after a meeting of lenders including, Punjab National Bank (PNB) and the State Bank of India (SBI), on Aug. 18.

Bhushan Steel denies wrongdoing in the bribery case, which has raised concerns about its day-to-day functioning and ability to manage net debts of $5.86 billion - eight times its equity market value of $732 million. (Reporting by Krishna N Das; Editing by Douglas Busvine)

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