Essar Group has bid $150 million for taking over an Australian coal firm, Rocklands Richfields Ltd, bettering an earlier offer from Jindal Steel and Power Ltd.
In 2007, Essar had said it would set up a $1.8-bn unit in Minnesota, but scaled down from a full-scale taconite steel mill project to pellet plant after the 2008 financial crisis
A little over a year before, when the Hajigak iron ore deposit was put up for grabs, at least five companies - Essar Minerals, JSW Steel, Rashtriya Ispat Nigam, Sesa Goa and Ispat Industries - had evinced interest.
ArcelorMittal, Anglo Australian major Rio Tinto, Hyderabad-based GVK Power & Infrastructure, Essar Mineral Resources and JSW Steel are among 10 prominent corporations in a shortlist to develop 18 abandoned coal mines owned by state-owned Coal India Ltd and its eight subsidiaries.
Five Indian metals and mining companies are in the race for acquiring mining rights for the largest iron ore deposit in war-torn Afghanistan. The government has shortlisted Vedanta group's Sesa Goa, Essar Minerals, Ispat Industries, JSW Steel and Rashtriya Ispat Nigam for a bid for the 1.8 billion tonne Hajigak iron ore deposit.
The survey would take 6-8 months and as part of the concession, Essar would be able to conduct exploratory mining for iron ore, manganese ore, chrome ore or any other available mineral. The area, that Essar has earmarked for exploration, measures 7,851.69 hectares and is one of the larger deposits. The mining concession was granted by departmento nacional de producao mineral, government of Brazil, in response to Essar's application.
Essar Steel is likely to join the race for Brazilian miner and steelmaker CSN's Nacionale Minerios (Namisa), a fully integrated iron ore company. Sources close to the development said Goldman Sachs has approached Essar with the acquisition proposal and the company was considering it.
R-Power, Essar could be hit as state mulls benefit-sharing levy for ecology loss.
The recommendation, if implemented, could severely dent coal miners' bottom line.
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RPG Industries, Hindalco, SAIL, Jindal Steel, Monnet Ispat, GVK Power and Jaiprakash Associates among companies summoned for review.
State-owned aluminium maker Nalco may show interest in developing mines in Afghanistan, which is expected to invite global bids soon for exploration of mineral deposits estimated to be worth $1 trillion.
The turnaround of SAIL from several quarters of losses was one of the most challenging experience, said Anil Kumar Chaudhary, the outgoing chairman of the country's largest steel maker. The chairman said he also wants to see SAIL paying back at least 50 per cent of its debt in the near future. Chaudhary who had joined SAIL as a junior manager in 1984 would be superannuating from the top post on December 31, 2020 after serving the company for almost 36 years in various roles.
Disruption of work, levy to insurgents, targeting of communications and security concerns stall development.
Putin's visit comes at a time when Russia's economy is stalling as oil prices tumble
NMDC pitted against Tatas, Essar on Bailadila deposits.
CEOs fear any change in status of the mines will mean disruption in production, loss of investment and increased production cost for user industries.
It is the low cost of iron ore extracted from their adivasi homeland mines that enables steelmakers like Tata Steel and Essar, and miners like NMDC, not only to be among the most profitable companies in India, but also gives it the financial muscle to make huge overseas acquisitions. Ultimately, it is the poor adivasi who pays for it with his home and hearth and gets no credit for it! Either from the State, which connives in their exploitation, or the industry that lords over their resources, says Mohan Guruswamy.
Naxal violence in Orissa has also put several investment proposals in jeopardy.
Ajit Issac started as a management trainee at Godrej.
A large chunk of the Rs 8.8 lakh crore of investments the Patnaik government had attracted is in uncertain territory.
Oil and gas players' wish list includes incentivising E&P investments and reintroduction of income tax holiday for exploration and production activities, among others.
A vilification campaign against Rosneft has begun in right earnest, says M K Bhadrakumar.
Prime Minister Modi appreciated the vision of Putin for the welfare for Russia's Far East, saying the Russian President has opened up investment opportunities for India in the region.
Companies write off investments, shed assets as initial projections go haywire
Reliance Industries has regained the top slot among Indian energy companies on the Platts global list
'He selects certain portfolios that he has personal interest in, and he does not give them to a senior leader. The responsibility is given to a junior minister who then directly reports to Modi or to the small team of bureaucrats working with Modi.' 'I noticed this first in Gujarat where Modi worked mainly with two ministers, Saurabh Patel and Amit Shah,' says Aakar Patel.
Trade sanctions on Russia by Europe and the US offer an opportunity for India, but the devaluation of the rouble may play spoilsport
It emphasised that agricultural infrastructure needs considerable investments and hence Section 80IA benefits must be extended to all such investments like IT infrastructure, computers, VSAT, solar panels, water harvesting facilities, storage etc.
It is hoped that the decision of India's apex court will send a signal to politicians and their cronies from the world of business that the rule of the law does eventually prevail, says Paranjoy Guha Thakurta.
Crony capitalism will of course generate investment and ensure profit for private capital, but it won't give employment or income to the people. If you can make money by selling coal or speculating in land, why produce electricity, why invest in research and development, why even set up factories, asks Praful Bidwai.
A look at the life and times of maverick businessman Chinnakannan Sivasankaran
