Tata Steel has executed definitive agreements to acquire 74% equity shares of Bhubaneshwar Power from JL Power Ventures for a consideration of Rs255cr.
As part of its expansion plans, Liberty House Group, which acquired the speciality steel business of Tata Steel in the UK for £100 million, has evinced interest to buy out stressed asset being put on the block under the National Company Law Tribunal-led process.
Coal import for October came in flat at 16.65 million tonnes, underpinned by cautious buying of the fossil fuel by consumers due to high prices in the overseas market.
Tata Steel has set up India’s largest coke dry quenching (CDQ) facility capable of handling 200 metric tonnes of the hot fuel per hour at its greenfield Kalinganagar steel plant in Odisha.
JSW Steel, Tata Steel and Vedanta are among the seven companies that have expressed interest in Bhushan Power & Steel, undergoing the Reserve Bank of India (RBI)-mandated insolvency process.
N Chandrasekaran has adopted a two-pronged strategy for Tata Steel: Make European operations sustainable and grow the Indian business aggressively.
About half a dozen companies and financial institutions are interested in acquiring a stake in the loss-making and highly indebted Bhushan Power and Steel, people familiar with the development confirmed to FE.
Tata Steel has in association with The Energy and Resources Institute (TERI) launched an initiative to create awareness about environment issues in school campuses in Odisha’s Jajpur district, an official said on Tuesday.
Coal import in August declined 24 per cent on a yearly basis as Indian buyers preferred not to buy any fresh fossil fuel and instead wait and watch ahead of an upcoming auction for the power sector.
Tata Steel, India’s second-largest private steelmaker, has expressed interest in bidding for debt-ridden Essar Steel, whose lenders have filed for revival of the company under the Insolvency and Bankruptcy Code