This is an exceptional case of extension beyond the 330-day limit under the insolvency and bankruptcy code.
The country's leading steel producers have devised a new strategy to pass on rising raw material costs to the end users without raising prices. Companies are now levying raw material surcharges while keeping the base price unchanged.
The Planning Commission may go for a correction in the 11th Five Year Plan targets as it gears up for mid-term assessment of goals next year in view of the global financial meltdown's impact on the economy.
The state government has cleared the proposal and the plant is to be set up at Bagalkot, industry sources said, adding that project details were being worked out. Initially, the plant would have a 3 mtpa capacity which would be doubled to 6 mtpa in the second phase. The proposal is to set up a pellet plant, a coke oven plant and a battery in the first phase. Essar has asked the state government to lease an iron ore mine for uninterrupted supply of the raw material.
The Essar group, Jindal Steel and Power, Monnet Ispat, Bhushan Steel and the Avantha group have been asked to close deals by March-end.
How a violent - and spreading - Maoist insurgency threatens the country's runaway growth
NMDC pitted against Tatas, Essar on Bailadila deposits.
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.
Prashant Ruia, Essar Steel Ltd's managing director, said on Tuesday that demand from developing economies will continue to drive the global steel industry in future, with growth in China, Russia and India leading the way.
The department of commerce may de-recognise the 247-hectare engineering special economic zone at Hazira, promoted by Essar Hazira SEZ Ltd.
They turned a small family construction business into a conglomerate with interests in shipping, steel, oil and gas.
After a string of foreign deals in the last few years, including Tata Motors' purchase of Land Rover and Jaguar brands from Ford for $2.3 billion this year, attempts by Indian companies to acquire assets abroad are increasingly hitting roadblocks. At least, the recent attempts by Indian companies suggest so.
Essar Steel said on Monday it has joined hands with two state-run Vietnamese companies for setting up a two million tonne steel plant in southern Vietnam at a cost of $527 million (about Rs 23.71 billion).
The proposed steel plant is a joint venture wherein Essar would hold 65 per cent stake, VSC 20 per cent and the rest 15 per cent would be held by Vietnam General Rubber.
'The slide in growth has arisen primarily because we have an NBFC crisis on top of a banking crisis,' points out T T Ram Mohan.
Steel companies have reduced flat product prices by Rs 500-1,000 a tonne across categories in keeping with market conditions.
The US acquisition comes barely three days after Essar Global announced its acquisition Canadian firm Algoma Steel for $1.58 billion (Rs 6,900 crore).
Ruias owned Essar Steel on Monday announced that they have agreed to acquire Canadian Algoma Steel for an aggregate value of Canadian $1.8 billion (approx. US $1.58 billion) to be paid in cash.
Noted banker Uday Kotak said the country's financial system is currently in a Darwinian mode as only the fittest lenders are able to survive. Kotak also said that historically, whenever there has been a problem with a private sector lender, it has been merged with a state-run bank.
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.
The closure of BPSL would add about three million tonnes capacity to JSW Steel's existing 18 million tonnes.
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
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