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With reference to earlier announcement dated May 28, 2008 regarding Board to consider Dividend, Bhuwalka Steel Industries Ltd has informed BSE that the meeting of the Board of Directors of the Company which is scheduled to be held on June 13, 2008 is postponed and the agenda for adoption of Annual Accounts of the Company for the year ended on March 31, 2008 and recommending Dividend to the shareholders will be considered in the meeting to be held on June 25, 2008.

Bhuwalka Steel Industries Ltd has informed BSE that the Company has entered into Joint Development Agreement (JDA) with Soul Space Realty Ltd (a B.L. Kashyap Group Company) pursuant to the MOU dated November 22, 2007 for joint development of Bangalore property where presently a TMT mill is situated. This existing unit shall be relocated to Bellary. As per the JDA, the Bangalore property measuring more than 9 acres shall be developed by Soul Space Realty Ltd., for commercial / retail purpose. As per present guidelines, about 1.3 Million Sq ft area may be built up and 40% of the same shall accrue to the Company and 60% shall be retained by the developer. This will result in unlocking value of assets in the Company. The value of property accruing to the Company after the development will be about Rs 125 Crores and Company expect a rental income of Rs 12 Crores p.a. in future.

The developer shall also pay interest free refundable deposit of Rs 11.50 Crores to the Company which will be refunded at the time of handing over of developed area. Out of this amount, Company has already received Rs 8 Crores (Rs 5 Crores at the time of signing of MOU and Rs 3 Crores at the time of signing of JDA) as refundable deposit from the JD partner.

Bhuwalka Steel Industries Ltd has informed BSE that the Company has taken over 299900 nos equity shares of Rs 100/- each @ Rs 334/- per share in Benaka Sponge Iron Pvt. Ltd, Bellary (BSIPL) by way of all cash deal of INR Rs 10.02 Crores. BSIPL is strategically, located in Belagal Village, Bellary, having proximity to iron ore belt yielding logistic advantage. The acquisition will enable the Company to have backward integration and have synergy with the operations of the Company. BSIPL is an existing, profit making Company and its net worth as on March 31, 2007 was Rs 10.02 Crores as per the audited balance sheet. BSIPL posted a turnover of Rs 40.21 Crores with a PAT of Rs 2.02 Crores during 2006-07 and it is estimated to post a turnover of Rs 59 Crores with a PAT of about Rs 2.80 Crores for the year 2007-08.

Benaka has at present 2 Kilns of coal based sponge iron plant of the capacity of 100 MT per day each. With this takeover, the Company will have access to sponge iron to the tune of 60,000 MT p.a. In next phase, the Company is planning to generate power through hot gas recovery for captive consumption by the group. Company is planning to enter into green power generation by setting up a power plant with a capacity of 10-12 MW with waste heat as feed stock along with chardust (by-product) and coal.

Presently, Bhuwalka Steel Industries Ltd is a secondary steel producer and this acquisition will enable the Group to produce steel through primary route by integrating the operations to improve, margins. Company will have linkage for the coal and iron ore, the major raw materials, to substantially improve the profitability in the Current year.

Bhuwalka Steel Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 11, 2008, inter alia, has allotted 20,00,000 warrants to the following:

1. Genial Finance & Investment Pvt Ltd: 10,00,000 Warrants

2. Purlieu Investment And Finance Pvt Ltd : 10,00,000 Warrants

These warrant holders are entitled to apply for and obtain allotment of one equity share of Rs 10/- each at a premium of 90.20 per share (Total Rs 100.20 per share) determined as per the guidelines of preferential issue disclosed in Chapter XIII of SEBI (Disclosure and Investors Protection) Guidelines, 2000, within a period of 18 months 10% of the price fixed has been received in compliance with the said guidelines.

Issue of these warrants was approved earlier by the Board of Directors in their meeting held on January 18, 2008 and by the members in their Extra-Ordinary General Meeting held February 12, 2008.

Bhuwalka Steel Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 25, 2008, has considered various options available for inorganic growth by way of acquisition of business having synergy with the operations of the Company to encash the opportunities in the steel sector at the backdrop of growth in Telecom, Power, Construction and infrastructure sector.

Taking over of Benaka Sponge Iron Pvt Ltd as a step to grow inorganically:

Keeping in mind the long term strategy and inculcating the same into short term plans, the Board of Directors of the Company at their meeting held on February 25, 2008, have cleared the taking over of Benaka Sponge Iron Pvt Ltd., Bellary, by way of all cash deal of INR 990 Lacs. Takeover of operations of Benaka Sponge Iron Pvt Ltd (Benaka) is viewed as a first step towards backward integration by the GROUP.

Benaka is strategically located in Belagal Village, Bellary, which is very close to iron ore mining belt. Benaka has at present 2 Kilns of coal based sponge iron plant of the capacity of 100 MT per day each. A green field project of similar size will cost about INR 3000 Lacs and gestation period would have been minimum 18-24 months. With this takeover, the Company will have access to sponge iron to the tune of 60,000. MT p.a. immediately and also this site will be available for future growth. Due to close proximity of this unit to the iron ore mines, there will be great logistic advantages in terms of time and value. Further, Company will step up its efforts to link up its iron ore and coal requirements with mines in the neighbouring area for improving profitability. Benaka is an existing profit making Company with a networth of Rs 1001 Lacs as per audited balance sheet as at March 31, 2007. Benaka has posted a net turnover of Rs 2285 lacs and Rs 4021 Lacs and net profit of Rs 101 Lacs and Rs 202 Lacs for the FY06 and FY07 respectively. It is estimated to post a turnover of Rs 5600 Lacs with a Net profit of Rs 300 Lacs during FY08. For the current year, it will add about Rs 6/- to the consolidated EPS of the Company.

At Benaka, presently, hot gases are emitted in the environment which may be utilized to generate power in future for captive consumption by the group. It will not only enable the Company to generate power economically but also facilitate to protect environment and address pollution more vigorously. Company is planning to enter into green power generation by setting up a power plant with a capacity of 10-12 MW with waste heat as feed stock alongwith coal and utilize the power so generated for captive consumption. Present regulations encourage for setting up power project for captive consumption.

The Company is a secondary steel producer and this takeover will enable the Group to produce steel through primary route by integrating the operations to improve margins. Through integration, there will be immense savings in manufacturing and administrative costs. Benaka is situated on a site of about 17 acres and the Company is going to acquire about 40-45 acres land around this unit for future growth.

Modernization and Expansion plans of the Company:

The Company is having units at Bangalore, Wada and Kanchipuram. The units at Bangalore
and Kanchipuram are going to be relocated to Bellary and the present land shall be utilized for realty purpose for enhancing shareholders’ value. Company?s product portfolio include TMT, Angles, Channels, Beams, Rounds, Square etc. in wide range and sizes. Company?s targetted customers are Housing, Power, Telecom, Light Engineering and Infrastructure sectors. The Company has undertaken modernization and expansion plan at Wada, Thane District, Maharashtra. Consequent to this steel rolling capacity of the Company will go up from the present 2,08,000 MTs to 2,92,000 MTs by the end of 1st quarter of the next financial year.

According to Mr. Suresh Kumar Bhuwalka, Managing Director of the Company, demand for steel and steel products will remain, buoyant due to surge in housing, construction and infrastructure sector. However, the Company is concentrating on supplying steel to tower manufacturers in telecom and power sector as the Company anticipates huge potential business from these sectors. Company anticipates that it will be able to cater about 100000 MT p.a. to Power / Telecom Sector in FY09. Benaka will become subsidiary of the Company and will enable the GROUP to step into Steel making through prime route by integrating facilities like sponge, power, steel melting shop and rolling under one roof.

Bhuwalka Steel Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on February 25, 2008, to consider the following:

1. Modernization and expansion plan of the Company with future growth plan.

2. To discuss about inorganic growth of the Company (by way of acquisition / merger / takeover) and to decide about the same.

3. General business of the Company.

Bhuwalka Steel Industries Ltd has informed BSE that the shareholders at the Extra Ordinary General Meeting (EGM) of the Company held on February 12, 2008, have passed a special resolution to offer, issue and allot up to 28,00,000 (Twenty Eight Lac) Warrants with an option to subscribe / exchange those warrants in to 28,00,000 (Twenty Eight Lac) equity shares of Rs 10/- each of the Company @ Rs 100/- per share (including a premium of Rs 90/- each), by way of preferential allotment to the investors mentioned herein below. (who are not the members of the Company) up to the numbers mentioned against their names and on such terms and conditions as the Board may deem appropriate in its absolute discretion may deem fit:

1. Genial Finance & Investment Pvt Ltd ? 10,00,000 nos
2. Purlieu Investment And Finance Pvt Ltd ? 10,00,000 nos
3. Multiplus Holding Ltd ? 2,70,000 nos
4. Krishna J Sheth ? 2,65,000 nos
5. Falguni C Lotia ? 2,65,000 nos

and the warrants to be issued to the aforesaid shall be subject to terms & conditions.

Further the Company has informed that, the Company is a secondary steel producers with plants at Bangalore and Mumbai. The product range includes TMT Bars, Angels, Channels, Beams, Flats, Square, Rounds, etc. Company is a licensee of Hennigdorfer Stahl Engineering Gmbh, Germany, for the manufacture of Thermex? Thermo Mechanically treated (TMT) Reinforcement Bars. Bhuwalka TMT Re-Bars help bring world class steel to the construction and infrastructure development sectors.

The Company has undertaken modernization and expansion at Wada, Thane District, Maharashtra. Consequent to this steel rolling capacity of the Company will go up from the present 2,08,000 MTs to Rs 2,92,000 MTs by the end of 1st Quarter of 2008-09.