Steel Authority of India Ltd (SAIL) has accorded its in-principle approval to the expansion plan of Rourkela Steel Plant (RSP) at a cost of Rs 9,869 crore (Rs 98.69 bn), the sources said.
Government-owned Steel Authority of India Ltd, the country's largest steel producer, is looking to set up two greenfield slag-based cement manufacturing units with a total capacity of 3 million tonnes through a joint venture.
Steel Authority of India Ltd, the country's largest steel company, plans to float an overseas subsidiary to pursue its foreign expansion.
Earlier this year, the government raised around Rs 1,000-crore by selling its stake in Satluj Jal Vidyut Nigam.
Steel Authority of India Ltd has posted a net loss of Rs 787.50 million as compared to a net loss of Rs 5853.80 million in the quarter ended December 31, 2001.
Faced with rising input costs and increasing competition, Steel Authority of India Ltd has embarked on a Rs 400 crore (Rs 4 billion) cost-reduction exercise in the current fiscal in areas of raw material usage, energy and refractory consumption.
The dollar index was down by about 0.35 per cent against a basket of six major global units as yen strengthened against it and euro moved in a narrow range on uncertainty about whether Cyprus will be able to secure a bailout.
Steel Authority of India Ltd (SAIL) is looking for ventures into analogous sectors. While the state-run company is going for a follow-on public offer (FPO) in early 2011, it is looking at some aggressive expansion plans, and mergers and acquisitions as well, said Chandra Shekhar Verma, chairman and managing director.
Steel Authority of India Ltd, the country's largest steelmaker, will invest a massive Rs 100,000 crore for expanding capacity to 40 million tonnes by 2020, Steel Minister Ram Vilas Paswan announced in New Delhi on Friday.
Putting an end to the fierce scramble for India's iron ore resources, the government has decided to split the Chiria iron ore mines in Jharkhand into two and give at least half the reserves to Steel Authority of India Ltd for its expansion plans. The other half will be kept for development by the private sector later, said informed sources.
After the revival of its ailing subsidiary IISCO, Steel Authority of India Ltd has sought the Centre's approval to merge it with itself.
Deutsche Bank bid the lowest--which was promptly matched by five others--according to the sources. They said DB quoted 0.00000000001 per cent of the issue size as bankers' fee. That works out to 80 paise. The banks were apparently willing to waive the fee altogether, but what deterred them was that UBS was recently disqualified on technical grounds from the NTPC FPO as it had quoted nil fee.
Following the two-tranche disinvestment, the government and the company would get Rs 8,000 crore (Rs 80 billion) each, Home Minister P Chidambaram told reporters after a meeting of the Cabinet Committee on Economic Affairs.
The government's aim is to ensure it gets to its Rs 40,000-crore (Rs 400-billion) target from disinvestment proceeds before the end of 2010-11.
Steel Authority of India Ltd on Tuesday reported a net profit of Rs 255 crore (Rs 2.55 billion) during the first quarter ended June, 2003 as against a net loss of Rs 309 crore (Rs 3.09 billion) for the corresponding quarter last fiscal.
Steel Authority of India Ltd has informed BSE that rehabilitation package for IISCO approved by the Govt of India includes closure of Kulti Works.
Enthused by the success of last year's voluntary retirement scheme, Steel Authority of India Ltd plans to further rationalise its workforce by another 5,000 this fiscal.
When the world was upended by the Covid-19 pandemic, metals got its shine back. In the last two years, infrastructure spending by major economies spurred demand, energy transition and intermittent supply disruptions fuelled a scorching rally in metals after a downturn during the first Covid wave. Now, Russia's war on Ukraine is ensuring that elevated prices stay the course.
Wiping out all the accumulated losses, the Steel Authority of India Ltd on Friday reported the highest ever net profit of Rs 2,512 crore (Rs 25.12 billion) for the financial year 2003-04.
Continuing its efforts to improve the bottomline, Steel Authority of India Ltd has set an ambitious target of saving upto Rs 800 crore (Rs 8 billion) in the current fiscal with the help of lower interest outgo and cost cutting measures.
Kicking off its disinvestment drive, the government will sell 5 per cent of its stake in steel major SAIL on Nov 5.
One of the beneficiaries is Jindal Steel and Power, which had earlier been kept out of procurement for rails
The IAC would serve to bolster India's position in the Indian Ocean Region (IOR) and its quest for a blue water Navy
INS Vishakapatnam's ground attack and anti-ship capabilities are achieved through a bank of BrahMos cruise missiles that can be fired at targets up to 295 km away.
The government's ambitious plan to make Steel Authority of India Limited a mega PSU may hit a roadblock with several smaller PSUs under the Steel Ministry expressing unwillingness to merge with the steel behemoth.
The government is bullish on Coal India and ONGC's stake sale programme which are to be held soon.
Steel Authority of India Ltd said on Thursday it plans to merge Neelachal Ispat Nigam Ltd and Maharashtra Elektrosmlet Ltd with itself.
The trading firm is under pressure from lenders to raise funds.
The Coal Ministry on Monday received a total 69 applications from various PSUs
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