This comes at a time when the group's copper plant in Tamil Nadu remains shut for nearly three years, causing a Rs 5 crore loss every day.
"We have already signed the Memorandum of Understanding with the Indonesian government and are in constant dialogue with the governments in Mongolia, South Africa and Oman for setting up the 3-mtpa steel plant," SAIL Chairman C S Verma said.
South Korean steel major Posco will build the $12 billion plant in Orissa in three phases and hopes to start work on four million tonne (MT) first phase soon after the land is transferred to it.
The turnaround of SAIL from several quarters of losses was one of the most challenging experience, said Anil Kumar Chaudhary, the outgoing chairman of the country's largest steel maker. The chairman said he also wants to see SAIL paying back at least 50 per cent of its debt in the near future. Chaudhary who had joined SAIL as a junior manager in 1984 would be superannuating from the top post on December 31, 2020 after serving the company for almost 36 years in various roles.
TotalEnergies will acquire 25 per cent shareholding in Adani New Industries Ltd -- the firm that houses Adani Group's new energy business -- for an undisclosed amount, the two firms said in separate statements. "TotalEnergies has entered into an agreement with (Adani Group's flagship) Adani Enterprises Limited (AEL) to acquire a 25 per cent interest in ANIL," the French energy giant said.
Naxal violence in Orissa has also put several investment proposals in jeopardy.
RP Singh, managing director of Bharat Oman Refineries Ltd, the special purpose vehicle implementing BPCL Bina refinery, had told Business Standard in August that the company was in talks with strategic investors to sell 15 to 20 per cent stake.
Rules for mining, roads, power and irrigation projects relaxed.
The government had relaxed the foreign direct investment norms from the existing 26 per cent to 49 per cent, as a one-off case, to allow Mittal to take a share in the Bathinda refinery.
The Korean company's proposed 12 million tonne per annum project at Jagatsinghpur district in Odisha is stalled for about a decade.
Essar Oil's 10.5-million-tonne-per-annum refinery at Vadinar in Gujarat went onstream on Friday, with its first product, LPG, expected to roll out by Saturday.
"Getting straight to business. PM @narendramodi just concluded a fruitful interaction with top energy sector CEOs at a Roundtable meeting in #Houston. Discussion focussed on working together for energy security and expanding mutual investment opportunities between India & US," MEA Spokesperson Raveesh Kumar said in a tweet.
The Indian economy is rapidly normalising towards pre-pandemic activity levels, even as uncertainty exists about coronavirus mutations and repeated infection waves, industrialist Kumar Mangalam Birla said on Wednesday. Vaccination is picking up pace, which would improve India's resilience against a potential third wave, the chairman of Aditya Birla Group said while virtually addressing shareholders at the AGM of group firm UltraTech Cement Ltd. Moreover, various steps taken by the RBI and the government have helped in containing the economic disruptions of the pandemic, Birla added.
Land acquisition for the South Korean steel major Posco's proposed steel plant near Paradip was completed on Thursday with the Odisha government demolishing 25 more betel vines at Gobindpur village, official sources said.
Sale at acquisition price may have been prompted by slow coal traffic and fall in prices.
The project, located 65 km north-west of the Alpha township, will rely on the railway infrastructure of the Alpha Coal project to transport coal to the Port of Abbot Point, Bowen.
Ahmedabad-based Adani Group is said to be the frontrunner to buy out both Tata Steel and Larsen & Toubro's stake in Dhamra.
BP and Reliance Industries Ltd are leading the race to pick up a 25 per cent stake in Gujarat State Petronet Corporation and the Adani group's five million tonnes per annum liquefied natural gas terminal at Mundra.
Though the current National Democratic Alliance government has not endorsed the figure, it has not even repudiated it.
To be second Indian company after Essar to have a refinery abroad
Ridiculing Odisha government's claim that land acquisition for the proposed Posco project near Paradip was complete, CPI-backed Posco Pratirodh Sangram Samiti (PPSS) said demolition of betel vines did not mean taking over possession of farmers' land.
Rejecting a UN panel recommendation for halting Posco's port-to-steel plant project, both the Republic of Korea and the Odisha government on Monday exuded optimism to go for the ground-breaking ceremony of the proposed facility near Paradip early next year.
Commerce and Industry Minister Anand Sharma today assured Korean trade minister Kim Jong-Hoon that the stalled $12 billion-project of Korean steelmaker Posco would soon be resolved by obtaining the pending approvals.
Sajjan Jindal-led JSW Steel today said it may have to shut down its 10 million tonnes per annum (MTPA) Vijayanagar plant in Karnataka due to a continuous shortage of iron ore.
Reflecting substantial financial stress, diversified Jaypee Group companies have defaulted on loans and other payments worth Rs 4,460 crore (Rs 44.60 billion).
Tata Steel delivered one of its best financial performances ever in the third quarter of the current financial year, and surpassed its deleveraging target of $1 billion. In an interview, Koushik Chatterjee, executive director and chief financial officer, Tata Steel, tells Ishita Ayan Dutt that the company will continue to focus on deleveraging but profitable and value-added growth will be equally important.
The Steel Ministry on Wednesday said it may seek from the Environment Ministry speedy clearance to Posco's Rs 54,000 crore (Rs 540 billion) project in Orissa.
Two of the world's leading steel-makers, ArcelorMittal and Posco, had proposed to invest Rs 91,000 crore (Rs 910 billion) for setting up mega steel units in Orissa, but their actual investment was negligible even about half a decade after signing MoUs with the state government.
Entire outlay would be funded through internal and extra budgetary resources, it added.
Reliance Industries will sell 20 per cent stake in its oil and chemicals business to Saudi oil giant Aramco for about $ 15 billion and nearly half of its fuel retail business to BP of UK for Rs 7,000 crore. Aramco, the world's biggest crude exporter, will also supply Reliance's twin-refineries at Jamnagar in Gujarat with 7,00,000 barrels of oil a day on a long-term basis, Ambani said.
The Orissa government on Thursday pulled up ArcelorMittal, for "not making any investment" so far in its proposed 12mtpa greenfield steel plant at Keonjhar, questioned its "actual intentions".
Even as state-owned refineries recorded all-time high margins during the first quarter, gaining from inventories they hold, Reliance Industries, which operates the world's third largest refinery, posted a modest gain in margins, resulting in the company recording lower-than-expected profits during the quarter.
Orissa on Friday said it is geared up to resolve all issues hurting the proposed Rs 6-lakh crore investments in the state, including the Rs 1-lakh crore investments by the global steel giants--ArcelorMittal and Posco.
In a bid to win over angry villagers at the proposed plant site area near Orissa's Paradip, Posco-India plans alternative engagement for landless people of the area, company sources said.
Six persons, including two deputy general managers, were killed and over 30 people fell ill when poisonous gas leaked in Steel Authority of India's Bhilai Plant in Durg district of Chhattisgarh on Thursday.
"There is a slight deferral for some time (on the commencement of construction work) till the economic situation improves," JSW Steel Vice-Chairman and MD Sajjan Jindal said. Faced with a liquidity crunch, JSW Steel had earlier said it was cutting its proposed investment by nearly one-third to about Rs 4,000 crore for the first phase of the Rs 35,000 crore mega steel project in West Bengal.
"We are hopeful of taking physical possession of the land by the end of the current year to start construction for the greenfield steel project. The pre-land acquisition process has already been successfully initiated," ArcelorMittal CEO, India, Vijay Bhatnagar told PTI in Bhubaneswar. The response from local residents during the first Gram Sabha, held on August 6 as part of the pre-land acquisition process, was positive toward the Rs 40,000-crore (Rs 400 billion) project.
The company shut down its 1-mtpa (million tonnes per annum) alumina refinery at Lanjigarh in Kalahandi district in the state on December 5 due to acute shortage of bauxite to feed its plant.
Indian Oil Corporation, the country's largest downstream company, has major plans for Nigeria, the world's eighth largest exporter of crude oil.
The fertiliser and power companies say that the cost of gas would be too high, making operating on gas economically unviable.
