Bhushan Steel (Australia), part of Delhi based Bhushan Steel Group, has reportedly picked up 45 per cent stake in Bowen Energy, an Australian exploration company. Earlier in 2006, the company had acquired 15 per cent in Bowen Energy.
With this development, the company now holds 60 per cent in Bowen. The remaining 40 per cent is with institutions.
Bowen Energy has 2,400 sq km of prime exploration ground in the Bowen basin. Bowen's areas of operations include uranium, while Bhushan's interest lie in thermal and coking coal. The coking coal is likely to be supplied to Bhushan's steel plant in Orissa.
Source : ProjectsToday
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