Tata Steel delivered one of its best financial performances ever in the third quarter of the current financial year, and surpassed its deleveraging target of $1 billion. In an interview, Koushik Chatterjee, executive director and chief financial officer, Tata Steel, tells Ishita Ayan Dutt that the company will continue to focus on deleveraging but profitable and value-added growth will be equally important.
The recent amendments to the IBC practically barred promoters from re-acquiring their own assets, leaving only a small window to convert their non- performing assets into standard assets by paying the overdues.
The Inter-Ministerial Group on coal blocks on Saturday decided to recommend cancellation of two mines awarded to Bhushan Steel and SKS Ispat & Power, and forfeiture of bank guarantees for two other blocks.
He supervised and handled several major big ticket insolvency cases that includes Essar Steel, Bhushan Power & Steel, Bhushan Steel, Jaypee Infratech, ElectroSteel Steel, Binani Cement, Reliance Communications.
Once Bhushan Steel is into its fold, Tata Steel will increase its capacity from 12.7 million tonnes per annum (mtpa) to 18.3 mtpa
Essar group, Bhushan Steel and JSW group likely to be impacted by changes
The haircut for major banks stands at 52 per cent, if the dues of Jaypee Infrastructure, Lanco Infrastructure and Era Infrastructure are kept out of the calculation.
At the NSE, it tumbled 8.45 per cent to Rs 132.10.
Forest land measuring 1838.79 hectares in Odisha has been diverted for 15 industrial projects in the state between 2004 and 2013.
The Income Tax department is understood to have detected an evasion of Rs 502 crore (Rs 5.02 billion) by two major steel manufacturers after it conducted searches and surveys against them in various parts of the country.
The Essar group, Jindal Steel and Power, Monnet Ispat, Bhushan Steel and the Avantha group have been asked to close deals by March-end.
In 2009, ArcelorMittal had picked up a stake in Uttam Galva Steels. A new Section 29A of the IBC prohibits promoters of companies with NPAs of more than a year from bidding for these companies.
Flat steel producers -- SAIL, Tata Steel, Essar, Bhushan Steel and JSW -- have increased prices up to Rs 2,000 a tonne on the back of rising demand.
Delhi-based Monnet Ispat and Power has bought 27 per cent in the steel company and may make open offer at Rs 320 per share. Backed by P K Mohanty, executive vice-chairman and managing director, Orissa Sponge, and the promoter of the company, Monnet Ispat has now become the frontrunner for acquiring the company by buying a total of 54 million shares.
It is not often that the head of a regulator is removed by the nodal ministry, even after the Appointments Committee of the Cabinet (ACC), headed by the prime minister, clears an extension.
Among the major projects affected are the proposed steel plants of Videocon, Bhushan Steel and the Abhijit group. Neeraj Singhal, managging director of Bhushan Steel, said it would be difficult to acquire land wihtout government support. The decisin would also impact a host of projects lined up by New Kolkata International Development, a special purpose vehicle promoted by the Salim Group of Indonesia and the Universal Success group.
The total admitted claim of financial creditors of these 88 companies stood at Rs 1.3 trillion, of which they recovered Rs 65,635 crore.
After land, coal is turning out to be the latest hurdle to West Bengal's industrialisation drive.
"The secondary steel producers have assured that they will reduce prices of their flat products by Rs 4,000 per tonne and maintain the new price line for the next three months," Steel Ministry Secretary R S Pandey said after a meeting with the steelmakers. He said the government was examining the request by the steel industry to lower export duty. He also made it clear that reduction of prices by steelmakers was conditional.
As industrialist Vijay Mallya fights his wilful defaulter tag, former CAG Vinod Rai has said Kingfisher Airlines' loan default is just a "trickle" and the overall problem of huge bad loans at public sector banks can be blamed on 'cronies' using connections to borrow money.
Says Bhushan-Essel combine, the highest bidder, has withdrawn but latter denies having done so.
'The Budget will be positive, continuing on the path of growth taken so far.'
Those involved in the discussions say the guidelines for selection of bidders in insolvency cases need to be transparent, otherwise anyone who loses out could take legal recourse, leading to wastage of time and derailing the whole process.
Bijnore Senior Superintendent of Police Umanath Singh said the explosives 'might have been part of iron scrap dumped by a steel company'.
Banks have been patient and flexible in rescheduling loans.
PE funds say they have enough money to buy two or three of the indebted companies and the issue is not cash but the management bandwidth to turn them around.
The Coal Ministry has issued show-cause to eight firms including Hindalco Industries and Mahanadi Coalfields, and sought explanation from five firms for delays in commencing production from mines allocated to them.
India Inc has welcomed Prime Minister Manmohan Singh taking control of the finance portfolio after P Chidambaram was named as the home minister, saying the country will stand to benefit at this crucial juncture.
The Reserve Bank had identified 12 accounts, each having more than Rs 5,000 crore of outstanding loans accounting for 25 per cent of total NPAs or bad loans of banks, for immediate referral for resolution under the bankruptcy law.
Former Chairman and Managing Director of Tata Steel, Russi Mody, 96, passed away in Kolkata on Friday.
Top companies have grabbed a bigger pie of their sectors in the pandemic period, leading to a further rise in market concentration in many industries as measured by the Herfindahl-Hirschman Index (HHI). The HHI score, which indicates competitive intensity in an industry (or a lack of it), reached a new high in FY21 as bigger firms raised their revenue market shares either organically or through mergers and acquisitions. A higher HHI score indicates a rise in market concentration in favour of a few firms while a lower score means that the industry's revenue is more evenly divided among many companies
The delay will increase the provisioning burden on lenders and will also postpone the benefit of reversal of money set aside as provisions.
Some 35 rocket shells, some of them live, arrived in scrap trucks at Bhushan Steel Factory in Ghaziabad
Even as lenders are getting ready to send more companies to bankruptcy courts from this week, several old cases are still awaiting resolution with no clarity on the completion of the process. This includes some high profile cases from the first list of 40 companies including Videocon Industries, Bhushan Power and Steel and Lavasa Corporation, sent by the Reserve Bank of India (RBI) for resolution. The delay is mainly due to litigation and late clarifications by various government agencies including the Reserve Bank of India and litigation by the Enforcement Directorate.
'When the bombing happened in the Taj Mahal hotel in 2008, that was a very sad moment, but he really took care of the people, took care of everybody and that was when you saw some of his best moments.' 'There are some things which we will never forget. That is when the best of a person comes out.'
K Natwar Singh wore many hats as he straddled the worlds of diplomacy, politics and writing but what remained consistent across decades was his sharp-wit and plainspeaking.
Uttam Galva Steels is a part of the Reserve Bank of India's second list of cases, which will be referred to the bankruptcy tribunal for insolvency proceedings after lenders failed to resolve the account by December 2017.
