BPSL acquired Rs 27,559-crore assets by diverting loans: ED

NEW DELHI: The Enforcement Directorate (ED) has alleged that Bhushan Power & Steel Ltd (BPSL) acquired assets worth Rs 27,559 crore during a period when funds out of loans received from banks were “diverted and routed back as equity” by the company.

As per its probe report, accessed by ET, the agency has said BPSL acquired land valued at about Rs 361 crore, made addition of buildings valued at Rs 7,473 crore and plant and machinery of Rs 19,725 crore between 2011 and 2017.