The stalemate on Mittal Steel's proposed 12-million tonne Jharkhand project is likely to be sorted out at the meeting between the Jharkhand chief minister and the select board members of Mittal Steel.
Six years on, Posco's Orissa steel project remains on paper.
A new landmark of India -- both structural and spiritual -- rises on Ayodhya's horizon on Monday as a new-age architectural marvel of elegant sandstones, diligently carved by craftspeople with dedication and devotion to Lord Ram.
The Insolvency and Bankruptcy Code (IBC) got a leg-up with Tata Steel's acquisition of Bhushan Steel, the first big case to be resolved. Tata Steel CEO & MD T V Narendran tells Ishita Ayan Dutt how this deal moved so quickly while others are still mired in controversies.
The official registered job seekers graph has climbed up from 60,000 five years back to 62,764 now. However, unofficial sources put the figure at a staggering 150,000.
Seeks SEZ status for 12 million tonne steel unit.
Baroda's Vishnu Solanki turned up in a first-class game after losing his new born. He scored a hundred in that match only to get the news of his father's death and watched the funeral on a video call.
Among the major projects affected are the proposed steel plants of Videocon, Bhushan Steel and the Abhijit group. Neeraj Singhal, managging director of Bhushan Steel, said it would be difficult to acquire land wihtout government support. The decisin would also impact a host of projects lined up by New Kolkata International Development, a special purpose vehicle promoted by the Salim Group of Indonesia and the Universal Success group.
Fuelled by the $57.8-billion merger of HDFC twins (HDFC Ltd and HDFC Bank), M&A (merger and acquisition) transactions in India touched a record high of $124.2 billion in the first half of 2022-23. Bankers said with several transactions, including the government's stake sale in IDBI Bank and Hindustan Zinc in the pipeline, the ongoing financial year will end up as the best year for M&A activity in the country. Apart from the HDFC transaction, the $6.5-billion acquisition of Holcim stake by the Adani family and L&T's $3.2-billion acquisition of Mindtree added to the record transactions in the first half of FY23.
Giving a patient hearing to woes of tribals in Jharsuguda in Orissa, Rahul Gandhi on Wednesday asserted that people affected by the Posco steel project must get justice, proper compensation and rehabilitation.
Jamshedpur plant is expanding its capacity at a cost of Rs. 20,000 crore.
The Centre has sought certain clarifications from Jharkhand on its recommendation to grant iron ore mining licence to ArcelorMittal, a move that will further delay the steel giant's Rs 50,000-crore (Rs 500 billion) proposed steel plant in the mineral-rich state.
Some people stand out just by being unassuming. Sanak Mishra, chief executive officer (CEO), Mittal Steel India, is one of them.
'It will take six months to one year to move to normalcy, depending on how the pandemic plays out in India.'
Tata Steel has warned its suppliers that if they do not slash prices by up to 30 per cent in the long term then they risk losing the steel giant's business.
ArcelorMittal, Tata Steel and three other companies are in the race to get control over the iron ore mines in Kawardha, about 120 km from Raipur. The company winning the bid to mine 100 million tonnes of iron ore in Kawardha will have to set up a steel plant. "We have kept the matter pending and any decision on the allotment of the iron ore mines in Kawardha is likely to be taken after the state assembly elections," CMDC Chairman Gourishankar Agrawal said.
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.
Developers grappling with labour shortage and getting construction material to sites could be among a list of problems.
It is not clear at this stage whether Tata will take up the government's offer of taking a 25 per cent stake in the business.
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".
Demand in 2012 was anticipated as 89 million tonnes; the rest of the capacity would help make India a major exporter of steel, rather than being a major exporter of iron-ore without any value-addition. That was then.
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.
It is targeting a rise in output to 16 million tonnes per year by 2016 from four million now.
Trinamool Congress is the second highest recipient of political donations through electoral bonds.
The government expects to make 10,000 oxygenated beds available in a short period of time by making temporary hospitals near industrial units which produce oxygen of requisite purity to boost the supply of the life-saving gas to fight COVID-19.
The development comes in the wake of a high-level panel formed to address issues impeding mega projects in the steel sector, reviewing the stalled projects this month.
The South Korean steel major Posco, proposing a 12 million tonne greenfield steel plant near Paradip in Orissa, will announce an additional package for the project displaced families after the Supreme Court clears its forest diversion proposal. "Posco will announce an additional package for the families to be displaced after Supreme Court clears the forest diversion proposal," said Priyabrata Patnaik, the nodal officer, Posco India project.
World's largest steel maker Mittal Steel on Saturday signed an MoU with the Jharkhand government, committing to invest approximately Rs 40,000 crore (Rs 400 billion) to enter mining and steel making operations in the state.
Land acquisition for the Posco steel plant continued for the third day on in Odisha's Jagatsinghpur district as anti-Posco as protestors took out a rally defying prohibitory orders carrying bodies of three activists.
Posco India had entered into an MoU with the state government on June 22, 2005 and with the term of the agreement coming to end this month, it requires to be renewed.
Sidestepping objections from several opposition parties, the Orissa government is all set to sign a memorandum of understanding with the South Korean steel major Posco in Bhubaneswar on Wednesday for the establishment of a Rs 52,000 crore (Rs 520 bil
The Essar group's proposed acquisition of Minnesota Steel is likely to be delayed, with the US state authorities taking time in providing the infrastructure required to move the project.
Vijay Bhatnagar, chief executive officer of ArcelorMittal India, said, "The move is aimed to ensure that these people, who have never handled large sums of money, do not get misguided by unscrupulous elements and end up losing their money. The objective is to figure out ways for these people, who have very little or no education and financial knowledge, to get the highest possible returns through the safest possible investments."
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.
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