Govt fixes floor price for SAIL stake sale at Rs 83 per share
Government has fixed floor price for SAIL stake sale at Rs 83 per share, through which it hopes to raise up to Rs.1,700 crore, according to reports. Report stated that the government will give a discount of 5% to retail investors in the offering. The SAIL offering will kick off the Narendra Modi-led government's ambitious disinvestment programme.
Cabinet clears bill on mines auction
The Cabinet has approved a bill on auctioning coal blocks, which will replace the Coal Mines (Special Provisions) Ordinance, 2014, according to reports. Report said that bill is expected to be introduced in parliament. The ordinance and the proposed bill follow through Supreme Court's September 24 order cancelling 204 coal block allotments which were ruled to be illegal.
ASSOCHAM writes to RBI chief seeking concessions for financially stressed steel industry
Apex industry body ASSOCHAM has urged the Reserve Bank of India (RBI) to advise all commercial banks to extend the credit for payment of penalties due to coal blocks' de-allocation by the Supreme Court and payment of upfront bid amounts for participation in the coal block bidding by deserving steel companies to ensure competitiveness of steel produced relative to imports of steel...Read More
Adhunik Metaliks to opt for debt restructuring
Adhunik Metaliks Ltd has announced that due to closure of various iron ore & manganese ore mines and scarcity of coal, which has impacted the Company's and its subsidiary's business, the Board of Directors has decided to opt for debt restructuring and the same has also been decided by the lenders of the Company in its Joint Lenders Forum (JLF) meeting as Corrective Action Plan (CAP). Further the Board has decided that the Company will approach all its lenders through JLF for the same.
SAIL offloads full stake in Bokaro cement JV
Steel Authority of India Ltd has informed that it has sold its entire 26% equity shareholding of 347,49,000 equity shares of Rs. 10/- each in M/s. Bokaro Jaypee Cement limited, a Joint Venture Company of SAIL and M/s. Jaiprakash Associates Limited to Rangam Securities & Holdings Limited (SRSHL) @ Rs. 67.50 per equity share. SRSHL is an indirect wholly owned subsidiary of M/s. Dalmia Cement (Bharat) Limited; a subsidiary of M/s Dalmia Bharat Limited, SAIL has received a sum of Rs. 234.56 crore as consideration for sale of the above shares.
JSW Steel plans to expand steel capacity to 40 MTPA by 2025
The Exchange had sought clarification from JSW Steel Ltd with respect to news appearing in Economic Times on December 01, 2014 titled "JSW Steel Charts Local Expansion Plan, Defers Investments in Italy." JSW Steel Ltd replied stating "As a long term strategy, JSW Steel plans to expand its steel capacity to 40 MTPA by 2025 by means of brownfield and greenfield expansions and also through acquisitions. Accordingly, the Company is currently implementing capacity expansion project from 14.3 mtpa to 16.3 mtpa...Read More
NMDC set to open iron mines in Chhattisgarh and Karnataka next year
According to the report, NMDC is planning to open and develop new iron ore mines in Chhattisgarh and Karnataka next year to boost its steel production. The mine to be opened in the Bailadila sector in Chhattisgarh is in the Deposit-11 B Iron Ore Project while the one in Karnataka is part of the Kumaraswami Iron Ore Mines. The company is planning to boost its iron ore output in the next 5 years from about 30 mtpa to 50 mtpa.
Adani Group and SBI defend $1 bn funding plan: Report
According to the report, Adani Group and SBI has defended the state-run bank's intention to lend $1 billion to the conglomerate's $17-billion coal project in Australia. The company said that the venture is viable despite coal prices falling to a five-year low and local protests in a media report. The Adani Group's project in the north Galilee basin is the largest thermal coal project in Australia.
JSW Steel plans Rs 2,000 crore iron ore pipeline
According to the report, JSW Steel is planning to double its capacity in Vijaynagar plant to 20 million tonnes by 2022 says Sajjan Jindal. The company is planning to invest Rs 2,000 crore in a 500-km pipeline to transport iron ore from its private port to the plant.The company will also invest in a 500-km slurry pipeline linking the Vijaynagar plant to JSW's Jaigarh port.