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.
Industry experts say that even though international companies face problems in setting up new projects on their own, given the problems associated with acquiring land and rehabilitating the displaced people, their keenness to become a part of the growing Indian market remains intact.
After land, coal is turning out to be the latest hurdle to West Bengal's industrialisation drive.
The Income Tax department is understood to have detected an evasion of Rs 502 crore (Rs 5.02 billion) by two major steel manufacturers after it conducted searches and surveys against them in various parts of the country.
With all of the heavy lifting we have done over the past few years, I am confident that we are now well positioned to build on the Tata Group's unique legacy to steer the 21st century towards a more sustainable, connected, inclusive and efficient future: Chandra in email to staff.
In what could mark the end of a bull run, flat steel producers are likely to cut prices from June.
Flat steel producers -- SAIL, Tata Steel, Essar, Bhushan Steel and JSW -- have increased prices up to Rs 2,000 a tonne on the back of rising demand.
Says Bhushan-Essel combine, the highest bidder, has withdrawn but latter denies having done so.
Delhi-based Monnet Ispat and Power has bought 27 per cent in the steel company and may make open offer at Rs 320 per share. Backed by P K Mohanty, executive vice-chairman and managing director, Orissa Sponge, and the promoter of the company, Monnet Ispat has now become the frontrunner for acquiring the company by buying a total of 54 million shares.
Finance Minister Nirmala Sitharaman's Rs 30,600 crore government guarantee for the bad bank has changed the body language of bankers for the better, observes Tamal Bandyopadhyay.
According to the Securities and Exchange Board of India regulations, if the shareholding crosses 15 per cent, it would trigger an open offer. Bhubaneshwar-based Orissa Sponge is understood to have iron ore and coal reserves of around 120 million tonnes each along with sponge iron and billet making plants.
Special CBI Judge Swarana Kanta Sharma observed that the accused was 'concealing himself' and despite issuance of non bailable warrants against him twice, he could not be arrested by the probe agency.
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.
India Inc has welcomed Prime Minister Manmohan Singh taking control of the finance portfolio after P Chidambaram was named as the home minister, saying the country will stand to benefit at this crucial juncture.
Banks have been patient and flexible in rescheduling loans.
In 2009, ArcelorMittal had picked up a stake in Uttam Galva Steels. A new Section 29A of the IBC prohibits promoters of companies with NPAs of more than a year from bidding for these companies.
"The secondary steel producers have assured that they will reduce prices of their flat products by Rs 4,000 per tonne and maintain the new price line for the next three months," Steel Ministry Secretary R S Pandey said after a meeting with the steelmakers. He said the government was examining the request by the steel industry to lower export duty. He also made it clear that reduction of prices by steelmakers was conditional.
Only a handful of domestic steel producers have announced their results for 2006-07, but the indications are that they will report stellar performances this financial year.
One smells a rat when cases are settled for too small a price offered either by the highest bidder or the promoter -- within and outside the legal ambit of insolvency process, observes Tamal Bandyopadhyay.
The delay will increase the provisioning burden on lenders and will also postpone the benefit of reversal of money set aside as provisions.
Bijnore Senior Superintendent of Police Umanath Singh said the explosives 'might have been part of iron scrap dumped by a steel company'.
India Ratings expects long products demand growth to be sharp, supported by a demand push from the government-led infrastructure investments in affordable housing, railways, rural electrification and road networks.
The Reserve Bank had identified 12 accounts, each having more than Rs 5,000 crore of outstanding loans accounting for 25 per cent of total NPAs or bad loans of banks, for immediate referral for resolution under the bankruptcy law.
Some 35 rocket shells, some of them live, arrived in scrap trucks at Bhushan Steel Factory in Ghaziabad
So far, among the IBC cases, SBI has been able to recover Rs 8,500 crore from Tata Steel's acquisition of Bhushan Steel. Another Rs 1,500 crore is in an escrow account on account of Electrosteel Steels.
Insolvency professionals feel the bankruptcy code will deter defaulters, but NPAs will not cease unless banks are sensitised on credit appraisal and experts are hired by banks to inspect what is happening with their loans.
The agency is also preparing to analyse the details of assets of the Kochhars and others so that they can be provisionally attached under the Prevention of Money Laundering Act
With average capacity utilisation now touching 76 per cent, Indian companies are going back to the drawing board to add capacity but the plans to build new factories and plants are still some months away.
Traders blame demonetisation for subdued demand in retail segment
At the end of 2018-19, the Tata group had a consolidated debt of Rs 2.77 trillion. Tatas not only plan to avoid big-ticket acquisitions for now, the group's main focus will be on improving key metrics and reduce debt, say Shally Seth Mohile & Dev Chatterjee.
These firms reported a combined operating profit of Rs 26,077 crore (Rs 260.77 billion).
In a major relief to stressed assets, the Cabinet approved the proposed IBC amendment that the licences, permits, concessions, and clearances for a corporate debtor cannot be terminated or suspended or not renewed during the moratorium period. The Cabinet also allowed amending the code to streamline the corporate insolvency resolution process and protect last-mile funding to boost investment in financially distressed sectors.
After showing a consistent rise in the previous 4 quarters, gross NPAs of 40 listed bank declined to Rs 10.03 trillion at the end of June 2018, from Rs 10.25 trillion in the previous quarter.
His statement assumes significance in the light of scams in the state-owned banks.
BSE Midcap and BSE Smallcap indices registered an uptick of 0.06%, and 0.05%, respectively
Analysts said with more power sector companies referred to the NCLT by banks, large companies would be at an advantage.
The government has initiated a forensic audit at the state-run Oriental Bank of Commerce and Dena Bank after unearthing of a suspected scam, wherein the lenders allegedly misappropriated funds worth Rs 436 crore from their fixed deposit customers.
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