Bhushan Steel (Australia), part of Delhi-based Bhushan Steel group, has picked a 60% stake in Australian exploration company, Bowen Energy.

Bowen Energy has 2,400 sq km of prime exploration ground in the heart of the Bowen basin, close to major mines operated by BHP, Rio Tinto, Xstrata and Anglo Coal. In addition, it has 4-5 licenses for thermal and coking coal.

It should be noted that the remaining 40% stake of Bowen Energy is presently with its institutions.

Bhushan Steel has given over 160% of return to its investors in past six month. The scrip of the company closed on Friday at Rs 1126 on BSE.