Ispat Industries Ltd said it is in the process of restructuring its financial liabilities.
A video of Maharashtra Deputy Chief Minister Ajit Pawar recounting a tense helicopter ride with Devendra Fadnavis in July 2024 has resurfaced after Pawar's death in a plane crash. Pawar humorously described his fear during the flight due to bad weather, while Fadnavis remained calm.
The matter has now been escalated and the ministry has written to Customs, Bureau of Indian Standards (BIS) and the Directorate of Revenue Intelligence (DRI) to investigate it thoroughly.
You have to grow, and grow fast - that's the DNA of the JSW group, chairman Sajjan Jindal said as JSW Cement made its debut on the stock market mid-August. The remark captured not just the moment but also the momentum of JSW's growth story.
The government on Thursday confirmed an investigation has been ordered against Ispat Industries to check its balance sheet under the Companies Act.
Vinod Garg, executive director, commercial, Ispat Industries, and his wife were at a business dinner with the company's foreign customers when terrorists attacked the hotel on Wednesday night.
Faced with slackening prices in China, steel producer Ispat Industries is now turning to Europe and Middle East which are witnessing northwards movement of demand and prices.
The O P Jindal Group has emerged as a strong contender for Ispat Industries, the debt-laden company owned by Pramod and Vinod Mittal.
The Supreme Court has ruled that motor vehicle tax is not applicable if a vehicle is not used or kept for use in a 'public place'. The ruling came on an appeal challenging a judgement of the Andhra Pradesh High Court.
Ispat Industries Ltd said it set up a 1.2 million tonne per annum single module DRI plant at Dolvi near Mumbai.\n\n\n\n
'Due to tariff uncertainty, automotive customers reduced their steel uplift by almost 15 per cent.'
The government has ordered a probe against steel giant Ispat Industries for alleged exposure to Rs 8,500 crore of public funds, erosion of net worth and high accumulated losses.
JSW Steel, owned by Sajjan Jindal, has emerged as the world's most valuable steelmaker, boasting a market capitalisation (mcap) of nearly $30.31 billion, according to Bloomberg data.
Ispat promoters Pramod and Vinod Mittal will hold 26 per cent stake in the company.
Global Steel owns 70 per cent stakes in iron ore mine in Brazil and two coal mines in Columbia and Mozambique. The company is setting up three special purpose vehicles for isolating financial and regulatory risks. Ispat will purchase the stakes in these SPVs, which are held by Global Steel. The iron ore mine has an estimated reserve of 500 million tonne while the coal mines hold reserves of 120 million tonne.
Fresh from getting a major concession from the corporate debt restructuring forum, the Pramod and V K Mittal-controlled Ispat Industries Ltd on Monday said it aims to be counted among the world's top five lowest cost producers of steel by 2005.
Ispat Industries Limited is planning to market its newly developed 1.2 mm and 1.6 mm hot rolled coil to the carmakers of the US after completing second phase of their HR capacity expansion programme by April-May this year.
Steel producer Ispat Industries is hoping to sell its property at Mumbai's Pedder Road at a rate of about Rs 50,000 per sq.ft. The company may sell the property as duplex flats, implying an area of 8,000 sq ft, costing approximately Rs 40 crore (Rs 400 million), or as single flats of 4,000 sq ft, valued at Rs 20 crore (Rs 200 million).
The UPA government has already come out with three stimulus packages in the last six months to give a fillip to the core sector, which has been hit by the global economic slowdown. It may announce another booster for the economy as part of the annual budget to be presented in July. The Congress in its manifesto for the 15th Lok Sabha polls had said it will continue to focus on the core sector and bring in new steps to stimulate demand in the economy.
JSW Steel is learnt to have submitted its resolution plan along with AION Capital
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.
The Centre has conceded most of the demands of potential buyers of Neelachal Ispat Nigam Ltd (NINL). These include lowering the lock-in period for sale of assets to one year and allowing the new buyer to undertake the amalgamation of a special purpose vehicle (SPV) into NINL. An inter-ministerial group led by Department of Investment and Public Asset Management (Dipam) secretary Tuhin Kanta Pandey and the core group of secretaries on divestment (CGD) headed by Cabinet secretary Rajiv Gauba have decided that the lock-in period can be reduced to one year from the date of completion of sale, from the earlier three years proposed by Dipam, an official in the know said.
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.
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.
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.
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.
Companies attribute declining sales to the lack of demand from the automobile, real estate and consumer durables sectors, which are facing rising inventory levels that have choked cash flows.
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