JSW will pay at least Rs 4,000 crore Rs 40 billlion.
Bids for eight coal blocks were sent for re-examination.
The imposition of 15 per cent export duty on steel has suddenly altered the prospects of the sector to negative and led to a big sell-off in steel stocks. Iron ore and pellet exports have to face duties of 45-50 per cent, which means they become uncompetitive. The Ukraine war has led to a supply crunch in global markets and pushed up prices, with Europe, in particular, looking for replacements for Ukrainian and Russian exports.
The O P Jindal Group has emerged as a strong contender for Ispat Industries, the debt-laden company owned by Pramod and Vinod Mittal.
Jindal SAW, an O P Jindal Group company, is yet to receive a copy of the notice.
A look into the controversies the 42-year-old chairman and managing director of Jindal Steel and Power has battled in the last six months.
Savitri Jindal, Asia's richest woman and the widow of the founder of steel and power conglomerate O P Jindal Group, is the richest billionaire mother with a net worth of $12.2 billion.
Adani Power bagged Jitpur mine in Jharkhand.
In 2014, the Supreme Court of India revoked the allocation of more than 200 coal blocks which were sold by the government
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).
The closure of BPSL would add about three million tonnes capacity to JSW Steel's existing 18 million tonnes.
The foreign agency has claimed four accounts held by the Jindals.
Raw material prices had been on the rise, but since Russia waged war on Ukraine, prices have surged.
With the Adani and Jindal groups and Mukesh Ambani-owned Reliance Industries joining the race to buy Videocon Industries' (VIL's) assets, lenders are expecting aggressive bids for VIL's consumer durables and overseas oil assets, which are to be sold in separate auctions. The entire asset sale exercise is expected to be completed in the next six months, said a banker. A promoter entity of Naveen Jindal-owned Jindal Steel and Power has also evinced interest in the second round of bids for VIL's consumer durable business. The deadline to submit bids for VIL's assets ended on February 2.
Two Indian women including Savitri Jindal and Indu Jain have been named among the list of world's top billionaires compiled by the US magazine Forbes.
The 100-stock largecap basket of Mutual funds (MFs) has seen a major reshuffle in the latest semi-annual reclassification with seven midcap stocks and four new listings earning the largecap tag. According to a report from Nuvama Alternative & Quantitative Research, the midcap stocks that have been upgraded include CG Power, Rail Vikas Nigam, ICICI Prudential Life Insurance, Polycab India, Indus Towers, Cummins India, and Info Edge.
Zee News Editor Sudhir Chaudhary on Thursday told a Delhi court that Congress MP Naveen Jindal and 16 other officials of his firm against whom he had filed a criminal defamation complaint, had levelled "false allegations" against him to tarnish his image.
Jindal Steel and Power and JSW Steel, are in competing talks to buy parts of insolvent Italian steelmaker Lucchini.
A court in Delhi on Tuesday asked the Delhi police to investigate the defamation complaint filed against Congress Member of Parliament Naveen Jindal and 16 others by Zee News editor Sudhir Chaudhary, who had alleged that false allegations were levelled against him to tarnish his image.
Central Bureau Investigation has asked Congress MP Naveen Jindal, who is currently abroad with his family, to join its probe in the allocation of a coal block to his company Jindal Steel and Power Limited.
The $2.1 billion project is the largest investment by any Indian company in South America, apart from being the largest private investment in Bolivia.
India's resource-hungry corporations are going aggressive to acquire natural resource assets overseas.
'We will have a well-designed product, and not a compromise.' 'We will make a completely contemporary vehicle, in keeping with consumers' aspirations, not like the Nano, which disappointed them,' Sajjan Jindal tells Shreekant Sambrani.
The Central Bureau of Investigation is likely to question Congress MP and industrialist Naveen Jindal on Friday in connection with a case of alleged cheating and criminal conspiracy in bagging Amarkonda Murgadangal coal block in Birbhum in 2008.
These are the top buyers of the scrapped electoral bonds, the data for which was released by the Election Commission on Thursday.
Congress Member of Parliament Naveen Jindal and former minister of state for coal Dasari Narayan Rao have been named as accused in the fresh FIR filed by the Central Bureau of Investigation in connection with the coal allocation scam. Congress Member of Parliament Naveen Jindal and former minister of state for coal Dasari Narayan Rao have been named as accused in the fresh FIR filed by the Central Bureau of Investigation in connection with the coal allocation scam.
The court said accused cannot leave India without getting its permission.
Zee Business Editor Samir Ahluwalia, who along with his colleague Sudhir Chaudhary is accused in an extortion case, on Thursday filed in a Delhi court a criminal defamation complaint against Naveen Jindal, his firm Jindal Steel and Power Ltd (JSPL) and its 14 officials.
A Delhi court on Wednesday took cognizance of Zee Business Editor Samir Ahluwalia's criminal defamation complaint against Naveen Jindal, his firm Jindal Steel and Power Ltd and its 14 officials.
In a significant development, a Delhi court on Thursday took cognisance of Zee News Editor Sudhir Chaudhary's criminal defamation complaint against Congress MP Naveen Jindal and 16 officials of his firm Jindal Steel and Power Ltd (JSPL).
In a new twist in its case against Zee News, Jindal Steel and Power Ltd on Thursday showed tapes -- purportedly recorded in a sting operation -- alleging that the channel tried to blackmail the company and extort Rs 100 crore for not airing stories against it on coal block allocation.
Renowned names from India Inc and politics are chargesheeted by the CBI before a special court in a coal blocks allocation scam case.
Congress MP and Jindal Steel and Power Cjairman Naveen Jindal on Tuesday lodged a complaint with the Election Commission against two news channels belonging to a group for allegedly telecasting false news against him.
According to Outlook, Adani Group and the RP-Sanjeev Goenka Groups are no more the favourites to bag the new teams.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Rising prices of international coal - both coking and thermal - used in the making of ferrous and non-ferrous metals, respectively, are expected to have an impact on margins of metals companies in July-September quarter (Q2) as steel companies may see margins getting eroded, while the base firms could stand to benefit, said brokerages.
The dip in net profit, according to the annual general report, was due to a rise in depreciation and financial cost of its debt and for funding various expansion projects.
