At $12-bn valuation, this will be India's largest FDI; deal to be announced on Saturday, says Dev Chatterjee.
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).
Steel companies have reduced flat product prices by Rs 500-1,000 a tonne across categories in keeping with market conditions.
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.
Indian steel companies on Friday exuded confidence that lifting of tariff on steel imports by US would create new markets but said there would not be any significant impact on the steel prices.
ArcelorMittal could be interested in Bhushan Steel or Essar Steel, two of the five steel companies referred by RBI for insolvency proceedings.
Following price hike of Rs 500 per tonne by Steel Authority of India Ltd, other private producers on Monday announced hike in prices of hot rolled coils by the same amount.
Iran has complained of irregular shipments
The delay will increase the provisioning burden on lenders and will also postpone the benefit of reversal of money set aside as provisions.
'He asserted in his usual jovial style that he was not an MBA like his audience at IIM-Ahmedabad but perhaps had an even better business degree: MBB'. 'He went on to explain to his perplexed, blue chip B-School audience that MBB stood for "Marwadi by birth"!' Shivanand Kanavi salutes Shashi Ruia, co-founder of the Essar group who passed into the ages on November 25, 2024 in Mumbai.
Forest land measuring 1838.79 hectares in Odisha has been diverted for 15 industrial projects in the state between 2004 and 2013.
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.
Naxal violence in Orissa has also put several investment proposals in jeopardy.
A global steel producer is putting up 14-million-tonne capacity, Essar Steel aims to achieve a global capacity of 20-25 mt.
The closure of BPSL would add about three million tonnes capacity to JSW Steel's existing 18 million tonnes.
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
The port project work is to be undertaken by the group's African subsidiary, Essar Africa Holdings, and is not a part of the group's Essar Ports.
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.
Indian family-run business houses have in recent years seen ugly public spats between owners over control. But metals-to-ports conglomerate Essar's Ruia family seems to be an exception. Three generations of the Ruia family - founder brother Shashi and Ravi Ruia, their children and grandchildren - continue to live under one roof and jointly run the business empire.
India Ratings expects long products demand growth to be sharp, supported by a demand push from the government-led infrastructure investments in affordable housing, railways, rural electrification and road networks.
The amendments give committee of creditors of a loan defaulting company explicit authority over the distribution of proceeds in the resolution process and fixes a firm timeline of 330 days for resolving cases referred to the IBC.
RIL, Essar, Adani have sounded bankers to raise funds abroad in the coming weeks
Sources close to the development said senior executives of these three companies recently visited the facilities of Stelco, which was put on the block last month.
Ruias controlled conglomerate Essar on Thursday withdrew its $1.2 billion bid for acquisition of US steel company Esmark in the face of a higher bid by Russian steel giant Severstal which is supported by the Union. Essar has raised its bid from $17 dollar to $19 a share, but Severstal came up with a higher bid of 19.25 dollar per share. Severstal has got the support from the Unions of the US steel company, sources said.
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.
A drastic reduction in expenditure has boosted the net profit of Essar Oil, India's second largest petroleum refiner, to Rs 169 crore, a jump of 450 per cent in the first quarter ended June 30, 2009. The company, which processed 2.76 MMT of crude in the same quarter, had reported a profit of Rs 30 crore for the corresponding quarter a year ago.
Essar Global Fund, the Ruia company that invested $1.3 billion in telecommunications, towers and business process outsourcing over the years, made $6.5 billion, a five-fold return, when it flipped these businesses, according to discussions the group has had with merchant bankers.
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.
The Essar group, Jindal Steel and Power, Monnet Ispat, Bhushan Steel and the Avantha group have been asked to close deals by March-end.
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