bhushan joins bwn board, page-2

its funny how very few in the rci thread have not made comments on the independent report on the china coke and chemicals plant , if they have bother to read it that is.


Bhushan man for Bowen board Font Size: Decrease Increase Print Page: Print Kevin Andrusiak | September 17, 2007
JUNIOR coal and uranium explorer Bowen Energy is poised to announce that Bhushan Steel managing director Neeraj Singal will join its board.

In an international coup for the company, which has a market capitalisation of just $12 million, Mr Singal said he had been invited to join the company's board and was prepared to accept.

Bhushan is India's third biggest supplier of secondary steel, with market capitalisation of $1.2billion.

The steel maker wants to more than double capacity to 7 million tonnes per year by 2012 and is relying on securing access to Australian resources to feed its growth.

Bhushan has a strategic investment in Bowen, which is in the midst of a hostile takeover battle with China Coke and Chemicals for junior Queensland explorer Rocklands Richfield.

Mr Singal upped the pressure on Rocklands shareholders yesterday to reject a proposal by CC&C for a reverse takeover of the company, which will be put to a vote tomorrow.

The deal is the preferred strategy for the Rocklands board, which has strongly rejected Bowen's advances, largely funded by Bhushan.

"We are very keen to beat the Chinese," he said. "The CC&C deal is not good for Rocklands shareholders. We want a very strong base in Australia. Basically, Bhushan wants to help fund development of Rocklands' mines. Once we are able to develop them, real benefit will come to Bowen shareholders."

Mr Singal reiterated that Bhushan would one day turn its attention to iron ore projects in Western Australia. "We have been looking at Australia for a couple of years," he said.

"Australia is a land of great opportunities."