The matter has now been escalated and the ministry has written to Customs, Bureau of Indian Standards (BIS) and the Directorate of Revenue Intelligence (DRI) to investigate it thoroughly.
On June 30, mining and metals giant Vedanta, announced that it had decided to initiate a strategic review of its steel and steel-making raw material businesses. The review would begin immediately and evaluate a broad range of options, including but not limited to a potential strategic sale of some or all of the steel businesses, the company said in its stock exchange filing. The signs have been there - approaches had been made to steel players over the past year. Last December, Anil Agarwal, chairman Vedanta group, told Business Standard that the steel plant capacity was about 3 million tonnes (mt).
Prime Minister Narendra Modi, who won a landslide election victory in May largely on a promise of economic growth, is expected to speed up divestments to bolster revenue generation.
FM targets to collect Rs 70,00 crore from their sale.
The survey noted that in a market like India, where there is high attrition levels, employer branding is very important as it provides an advantage to attract and retain top talent.
The dollar index was down by about 0.35 per cent against a basket of six major global units as yen strengthened against it and euro moved in a narrow range on uncertainty about whether Cyprus will be able to secure a bailout.
SAIL chairman C S Verma talks about the company's slated disinvestment and future strategies.
When the world was upended by the Covid-19 pandemic, metals got its shine back. In the last two years, infrastructure spending by major economies spurred demand, energy transition and intermittent supply disruptions fuelled a scorching rally in metals after a downturn during the first Covid wave. Now, Russia's war on Ukraine is ensuring that elevated prices stay the course.
Steel Authority of India Ltd (SAIL) is looking for ventures into analogous sectors. While the state-run company is going for a follow-on public offer (FPO) in early 2011, it is looking at some aggressive expansion plans, and mergers and acquisitions as well, said Chandra Shekhar Verma, chairman and managing director.
Deutsche Bank bid the lowest--which was promptly matched by five others--according to the sources. They said DB quoted 0.00000000001 per cent of the issue size as bankers' fee. That works out to 80 paise. The banks were apparently willing to waive the fee altogether, but what deterred them was that UBS was recently disqualified on technical grounds from the NTPC FPO as it had quoted nil fee.
The government's aim is to ensure it gets to its Rs 40,000-crore (Rs 400-billion) target from disinvestment proceeds before the end of 2010-11.
Following the two-tranche disinvestment, the government and the company would get Rs 8,000 crore (Rs 80 billion) each, Home Minister P Chidambaram told reporters after a meeting of the Cabinet Committee on Economic Affairs.
The company, which had earlier this month slashed prices of its products by up to Rs 2,000 a tonne, said it may remain steady.
The country's largest steel producer has targeted to install an annual production capacity of about 23 million tonnes against the present 14 million tonnes.
Steel secretary Atul Chaturvedi said on Sunday about Rs 13,000 crore (Rs 130 billion) would be raised from NMDC's stake sale, while SAIL would fetch Rs 19,000 crore (Rs 190 billion). He was addressing the media on the sidelines of the 47th National Metallurgists' Day celebration of the Indian Institute of Metals.
Putting an end to the fierce scramble for India's iron ore resources, the government has decided to split the Chiria iron ore mines in Jharkhand into two and give at least half the reserves to Steel Authority of India Ltd for its expansion plans. The other half will be kept for development by the private sector later, said informed sources.
Government-owned Steel Authority of India Ltd, the country's largest steel producer, is looking to set up two greenfield slag-based cement manufacturing units with a total capacity of 3 million tonnes through a joint venture.
The increase in prices by the country's largest steel producer is effective from April 1.
After struggling to acquire land for a steel plant in Orissa since 2005, Korean steel giant Pohang Iron and Steel Company (Posco) has found a way of gaining a foothold in India. It has agreed in principle to tie up with state-owned Steel Authority of India Ltd for a steel project that is likely to cost upwards of Rs 15,000 crore.
Steel Authority of India Ltd has posted a net loss of Rs 787.50 million as compared to a net loss of Rs 5853.80 million in the quarter ended December 31, 2001.
Coal India Ltd, Steel Authority of India Ltd, Bharat Heavy Electrical Ltd and Oil and Natural Gas Corporation were among the 15 top PSUs, which went about head hunting at the IIM-L. CIL and SAIL recruited 12 students each. "Out of the total of 267 IIM-L students graduating this year, PSUs recruited 65 students," IIM-L Placements Chairman Sushil Kumar told the media in Lucknow.
Steel Authority of India Ltd, the country's largest steel company, plans to float an overseas subsidiary to pursue its foreign expansion.
Industry sources added that Posco India would be assured of a strong marketing network in India through SAIL's extensive all-India network and a dedicated port at Haldia. SAIL also has seven iron ore mines.
Leading steel producers Tata Steel and state-owned Steel Authority of India Ltd on Tuesday agreed to hold their prices for 2-3 months after the government's top economic managers spoke out against the rising cost of steel and cement. Essar Steel said it too could look at a similar assurance. Finance Minister P Chidambaram told Parliament that cement and steel producers were acting like a cartel and the govt was looking at legal and administrative measures to deal with them.
Steel Authority of India Ltd is poised to outpace its metal sector rivals, including private players giants like Tata Steel and Hindustan Zinc on the stock market radar going forward, the analysts believe.\n
There is no proposal to merge Nilachal Steel Corporation with SAIL but the process for the government's proposed merger of Nilachal Ispat Nigam Limited with Steel Authority of India Ltd is underway, the Lok Sabha was informed on Monday.
Some people stand out just by being unassuming. Sanak Mishra, chief executive officer (CEO), Mittal Steel India, is one of them.
Steel Authority of India Ltd (SAIL) has accorded its in-principle approval to the expansion plan of Rourkela Steel Plant (RSP) at a cost of Rs 9,869 crore (Rs 98.69 bn), the sources said.
Company says no project in Jharkhand without allotment of SAIL-owned Chiria mines.
Faced with rising input costs and increasing competition, Steel Authority of India Ltd has embarked on a Rs 400 crore (Rs 4 billion) cost-reduction exercise in the current fiscal in areas of raw material usage, energy and refractory consumption.
Steel Authority of India Ltd, the country's largest steelmaker, will invest a massive Rs 100,000 crore for expanding capacity to 40 million tonnes by 2020, Steel Minister Ram Vilas Paswan announced in New Delhi on Friday.
Union Steel Minister Ram Vilas Paswan on Tuesday announced the decision to merge the ailing steel plant with the Steel Authority of India Ltd and said the proposal would now be taken to the Union Cabinet for formal approval.
Enthused by the success of last year's voluntary retirement scheme, Steel Authority of India Ltd plans to further rationalise its workforce by another 5,000 this fiscal.
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