"Essar Steel's plate mill became the first primer plate producer in the country to be recognized for indigenous development of steel for building ships for the Indian Navy ... Company has received a prestigious order from Mazagoan Dock (MDL) to supply 13,000 tonnes of heavy plates," the company said in a statement.
The first phase will end in 2018 and have the world's largest terminal under one roofThe first phase will end in 2018 and have the world's largest terminal under one roof
A global steel producer is putting up 14-million-tonne capacity, Essar Steel aims to achieve a global capacity of 20-25 mt.
Apart from INX Media and Aircel-Maxis, the four other firms which are under the scanner are Diageo Scotland, Essar Steel, Katara Holdings and Elforge Ltd. These firms were granted FIPB approval when Chidambaram was the FM, reports Shrimi Choudhary.
While the collapse of a large financial intermediary can wreak havoc on the system because of the interconnectivity, a large business conglomerate too can play spoilsport if the banks have too much exposure to the entity, explains Tamal Bandyopadhyay.
Essar Power would invest Rs 4,000 crore (Rs 40 billion) for setting up a 1,000 MW coal-fired power plant in Chhattisgarh, a senior Essar group official said in Raipur on Tuesday.
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.
JSW Steel, Tata Steel, Steel Authority of India, Bhushan Steel, Essar Steel, Jindal Steel & Power, and Rashtriya Ispat Nigam are among the top producers of the alloy in the domestic market
Royal Dutch/Shell on Tuesday said it plans to invest Rs 3,000 crore (Rs 30 billion) in setting up a bulk cargo and container terminal at Hazira port, where it has built an LNG receiving terminal.
Essar group on Friday announced the signing of a USD 2.4 billion (Rs 19,000 crore) deal to sell certain ports and power infrastructure to ArcelorMittal Nippon Steel in one of the largest post-pandemic merger and acquisition deals in India. In a statement, the Ruia-run firm said the deal also envisages a 50-50 joint venture between Essar and ArcelorMittal for building a 4 million tonnes a year LNG import terminal at Hazira in Gujarat. Without giving details, it only identified certain ports and power infrastructure that are primarily captive to operations of the Hazira steel plant, which was acquired by ArcelorMittal Nippon Steel (AM/NS) in 2018-19, as part of the deal.
Essar Steel, Ispat Industries and Jindal Vijaynagar Steel made remarkable gains in early trades on Wednesday after financial institutions on Tuesday announced a debt recast package for the steel makers.
Bankruptcy proceedings are going at a slower pace than what the bankers had envisaged and many cases have gone beyond the 270-day timeline set under the IBC mainly because of litigation.
Traders blame demonetisation for subdued demand in retail segment
RIL, Essar, Adani have sounded bankers to raise funds abroad in the coming weeks
Supreme Court on Tuesday granted bail to Soni Sori, a tribal teacher, and journalist Lingaram Kodopi in a case lodged against them for allegedly receiving money from Essar Group on behalf of Maoists.
Tribal teacher Soni Sori and her activist-nephew Lingaram Kodopi were released from Jagdalpur jail on Thursday after the Supreme Court granted them bail following their arrest two years ago for allegedly receiving money on behalf of Maoists from a corporate house in Chhattisgarh.
They may up prices by Rs 750-1,700/tonne on rise in iron ore prices and higher railway freight rates
Despite NMDC raising iron ore prices by 10%, major steel firms say they will follow suit if demand increases
It is expected to take a similar stand at the Mumbai and Delhi high courts, where Welspun Maxsteel, Ispat Industries and Essar Steel have challenged the petroleum ministry's decision to divert KG-D6s supply from steel and petrochemicals to power and fertiliser.
Steel manufacturers on Wednesday hit out at 'unilateral' decision of the Oil Ministry to curb natural gas supplies from Reliance Industries' KG-D6 fields to non-core users, saying only a ministerial panel was empowered to take such decision.
Citing the May, 2010, Supreme Court ruling that upheld the government's right to frame gas utilisation policy, the ministry last week wrote to Reliance directing it to first supply natural gas from its KG-D6 fields to priority sectors like fertiliser and power, official sources said.
They are snapping up ore and coal abroad, as their availability is stuck at home.
Reliance had in 2006 won government nod to invest $8.836 billion in Dhirubhai-1 and 3 fields in KG-D6 block after promising an output of 61.88 million cubic meters a day from 22 wells by April 2011 and 80 mmscmd from 31 wells by 2012.
Non-core sponge iron plants, petrochemicals units and oil refineries have cornered as much as 13.13 million cubic metres per day out of the 60.76 mmscmd of KG-D6 gas allocated.
Around 241 companies were sent for liquidation under the IBC by various NCLT benches and in only 58 cases have the resolution plans been accepted
The main reason for the move is the volatility in prices and inconsistent supplies for value-added grades.
Indian corporates have raised around $11.9 billion through overseas borrowing in the first five months of 2007-08, according to the Reserve Bank of India (RBI) data on external commercial borrowings (ECB).
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.
The agreement, which will be reviewed at the end of five years, will boost profitability of the steel firms who had been buying expensive LNG or naphtha to meet feedstock shortage at their plants, a senior official said. The ministry of petroleum and natural gas had last week asked Reliance to sell natural gas to steel firms like Essar, Ispat and Vikarm Ispat to help the nation's most prolific gas field to produce at optimum level.
Jatinder Mehra, chief executive officer, Essar Steel said, "I believe, in July, there will be some push in the market. In the Indian market, revival has already begun. Auto, fabrication, capital goods and white goods are doing very well." In the flat products segment, hot rolled coil prices have not seen a hike since September last year. Last month, long product, cold rolled and galvanised prices were raised.
"The most prominent suitors continue to be Russian producers, although India's Essar Group also has been mentioned prominently, according to market sources," the Metal Bulletin (MB) reported, adding that Essar has been the most recent company to express interest and has begun negotiations with Luxembourg-based ArcelorMittal.
An empowered group of ministers on April 9 decided to give any unutilised KG-D6 gas to steel plants who are currently not being supplied their full share of administered price fuel, official sources said. After gas-based steel plants, allocations would also be made to existing gas-fired power plants and to other power plants, including captive power plants depending upon the availability of the unutilised gas.
The Ruia-promoted Indian conglomerate Essar Group has got close to Rs 200 crore (over $45 million) for withdrawing its bid for American steel firm Esmark and the payment is coming from succesful suitor Severstal of Russia.
Russian metals firm OAO Severstal has turned the heat on US steelmaker Esmark for rejecting its $1.24 billion takeover bid in favour of Essar Steel, terming it a "questionable transaction" and demanding that Esmark immediately remove all impediments to its takeover offer.
Iran has complained of irregular shipments
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