Steel minister Virbhadra Singh informed Lok Sabha in a written statement that the proposed disinvestment would be carried out in two tranches of 10 per cent each and would be a mix of diluting government stake was well as issuance of additional shares by the company.
Steel secretary Atul Chaturvedi said on Sunday about Rs 13,000 crore (Rs 130 billion) would be raised from NMDC's stake sale, while SAIL would fetch Rs 19,000 crore (Rs 190 billion). He was addressing the media on the sidelines of the 47th National Metallurgists' Day celebration of the Indian Institute of Metals.
One of the beneficiaries is Jindal Steel and Power, which had earlier been kept out of procurement for rails
mjunction services, one of the largest e-commerce companies promoted by Steel Authority of India and Tata Steel, has shelved its initial public offering plan after Tata Steel indicated it would back the management team for its future expansion plans.
"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.
India's harsh lockdown has left companies grappling with temporary closure, chaotic supply chains and depressed demand. Consequently, business plans have been modified.
The price hikes during Covid were more because of supply chain and logistics disruptions caused by the pandemic and the Ukraine war rather than firms increasing prices because of higher pricing power, a report by State Bank of India (SBI) said. "It is thus incorrect to infer that concentration power dictated pricing capacity of firms, thus resulting in unyielding core inflation," the report authored by Soumya Kanti Ghosh, group chief economic adviser, SBI, said. A recent research article by former Reserve Bank of India (RBI) deputy governor Viral Acharya had observed that persistence of core inflation in India is due to purchasing power of top-five corporate houses.
The companies that have signed these pacts with the India chapter of the Berlin-based Transparency International include PSU majors such as GAIL (India), Coal India, Oil and Natural Gas Corporation, Steel, Hindustan Petroleum Corporation, Steel Authority of India, National Mineral Development Corporation and Rashtriya Ispat Nigam. In fact, 12 of the 14 companies that signed the pact, did so in the last six months.
Stocks of government probables for divestment or stake sale such as Steel Authority of India (SAIL), Mahanagar Telephone Nigam (MTNL), National Aluminium Company (Nalco) and Container Corporation (Concor) have outperformed the markets in the past one year.
Industry sources added that Posco India would be assured of a strong marketing network in India through SAIL's extensive all-India network and a dedicated port at Haldia. SAIL also has seven iron ore mines.
A 25 per cent year-on-year (Y-o-Y) increase in budget allocation towards the roads sector for FY24 has led to renewed interest among investors. However, a combination of escalating costs for Bharatmala and unseasonal rains to some extent have impacted progress. Bharatmala's cost has nearly doubled from Rs 5.35 trillion to Rs 10.6 trillion and the finance ministry has asked MoRTH to go slow until Cabinet approval is received.
Housing sector to benefit from Budget.
Union Steel Minister Ram Vilas Paswan on Tuesday announced the decision to merge the ailing steel plant with the Steel Authority of India Ltd and said the proposal would now be taken to the Union Cabinet for formal approval.
'A microcosm of India, inclusive and welcoming'. For years, Pragati Maidan was the centre of Delhi's social life.
The company, which had earlier this month slashed prices of its products by up to Rs 2,000 a tonne, said it may remain steady.
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.
Move follows Tata Steel decision to sell its loss-making businesses in Britain
Steel Authority of India Limited and Posco are in discussions to set up a 1.5 million tonne integrated plant in Bokaro to produce high grade steel from low-grade iron ore and non-coking coal by using the world's third largest steel company's FINEX Technology.
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.
Domestic steel giant SAIL sees its workforce shrinking by up to 7,000 this fiscal as it continues with the rationalisation of manpower aimed at reducing employee cost by Rs 3,50,000 crore (Rs 3,500 billion) per annum.
The PSU steel major has now set a target of completing the mega project--aimed at augmenting its annual production capacity to 23.46 million tonne from the present 14.6 MT-- to 2012-13 from the earlier deadline of 2011-12.
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.
Steel Authority of India Ltd, the country's largest steel company, plans to float an overseas subsidiary to pursue its foreign expansion.
As part of the Rs 35,000 crore (Rs 350 billion) mega growth plan, Steel Authority of India is planning to pump in Rs 11,000 crore (Rs 110 bilion) to increase production at its three production units in West Bengal including Durgapur Steel Plant and I
Steel Authority of India Ltd said on Thursday it plans to merge Neelachal Ispat Nigam Ltd and Maharashtra Elektrosmlet Ltd with itself.
India will launch its first indigenous aircraft carrier INS Vikrant on Monday, making an entry into a select club of countries capable of designing and building a carrier of this size and capability.
Two projects in Iran, which India is to execute involving major financial commitments on its part, are of particular significance for Indian steel.
Earlier this year, the government raised around Rs 1,000-crore by selling its stake in Satluj Jal Vidyut Nigam.
A new government has taken office in Australia, which has said it will review its predecessor's controversial proposal for a 40 per cent super-profit tax on mining revenues.
Belying market estimates of a likely fall in global exports, Steel Authority of India exported over 100,000 ton of steel valued at Rs 150 crore (Rs 1.50 billion) in April 2003.
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.
As the train which started from Howrah slowed down as a mark of caution running across freshly repaired tracks, a few muttered 'Jagannath, Jagannath', the name of the presiding deity of Puri, the destination of the train, but most were too stunned to speak.
Britain's traditionally anti-EU media have blamed Brussels for preventing London from taking greater steps to protect the industry.
Kicking off its disinvestment drive, the government will sell 5 per cent of its stake in steel major SAIL on Nov 5.
It was touted as a game changer but big-ticket privatisation has been a mixed bag as the government faces unanticipated challenges of lukewarm investor response, employee union agitation and legal hurdles. Prime Minister Narendra Modi's often-repeated statement 'the government has no business to be in business' guided the drawing up of an ambitious privatisation pipeline. While Air India sale succeeded, Bharat Petroleum Corporation Ltd (BPCL) divestment failed.
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