Enthused by the collection of around Rs 120 billion as compensation from iron ore and manganese miners, the Odisha government is preparing to despatch similar demand notices to non-ferrous mine lease owners to extract cost of excess production.
Tata Steel trumped JSW with an aggressive allcash bid for 5 million tonne Bhushan Steel and Power, one of the largest non-performing assets in the Indian banking system, said people with knowledge of the matter.
British-Indian steel tycoon Sanjeev Gupta has invited Prince Charles to reignite a furnace in northern England which had been mothballed by Tata Steel, its previous owners.
Tata Steel Ltd said third-quarter earnings jumped more than fivefold, replenishing the company’s coffers as it plans to double production capacity in India and bid for ailing mills under a government-ordered programme.
Tata Steel said it has completed the acquisition of a 135 MW power plant from a subsidiary of Jasper Industries for Rs 255 paid in cash.
A clutch of large corporates including Vedanta, Tata Steel and Renaissance Steel India have submitted resolution plans for the debt-laden steel-maker Electrosteel Steels.
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.