SC issues notice to CBI, ED to set up investigation against Hindalco in coal block allocation
The Supreme Court has issued a notice to CBI and Enforcement Directorate (ED) as per the plea of NGO Common Cause, to investigate the alleged kickbacks paid by Hindalco and Reliance Power to acquire coal blocks.
For Hindalco, the irregularities involve the Talabira-II coal block, which the NGO insists, was acquired by bribing a lot of politicians, over several years. The kickbacks, estimated to be nearly Rs. 7 crore, is reportedly paid to the Environment Ministry and a total of Rs. 200 crore is accrued in the form of accounted cash.... Read More
Indian base metal industry to benefit from rising demand, raw material availability: Moody's
Moody's Investors Service says that India's (Baa3 positive) base metals industry will benefit from increased demand, easing restrictions on raw material availability, and relatively low production costs.
"We expect India's consumption of base metals to increase by 8%-10% annually over the next three years, driven primarily by demand from three sectors: power, construction and automotive," says Greene.... Read More
ED conducts searches on Illegal iron-ore mining case
The Enforcement Directorate launched searches in three states in connection with money laundering probe in illegal mining of iron-ore scam in Odisha and other states, according to reports.
A report says that the searches are being conducted by the Kolkata zonal headquarters of the agency in 15 places in Bhubaneshwar, Keonjhar, Rourkela (all in Odisha), Kolkata and Salem and Coimbatore in Tamil Nadu.
The searches are also being carried out at premises of a BJP MLA and a women Congress politician of Odisha against whom ED has slapped charges of money laundering, says report.
Media report says that the agency is also searching the premises of a Tamil Nadu-based mining operative.
Coal India may relinquish 75% of area of Mozambique blocks
Coal India Coal India is reportedly planning to relinquish 75% of the area in the two coal blocks it had acquired in Mozambique about six years ago.
The move comes as local government's decision to increase charges of holding the blocks.... Read More
Sterlite Tech in race for defence contract worth Rs. 7,000 crore
Sterlite Technologies is in race for another strategic project in the sector worth Rs 7,000 crore, according to reports.
"We are also vying for other defence projects. We have already bid for another army project worth Rs 7,000 crore," Sterlite Technologies Non-Executive Chairman Anil Agarwal was quoted as saying. Agarwal, who is also the Chairman of Vedanta Resources, said the company is bullish on the defence sector.
Delhi HC to hear case against JSPL on July 10
Delhi High Court has said that it will hear the case of Jindal Steel and Power (JSPL) in the coal block allocation case on July 10. The case pertains to the Gare Palma coal block, which was won by JSPL in the coal block auctions, but was later cancelled by appointed to Coal India (CIL), as its custodian.... Read More
India overtakes US as 3rd largest steel producer: Tomar
The Meeting of the Parliamentary Consultative Committee Attached to the Ministry of Steel and Mines was held under the Chairmanship of the Union Minister of Steel and Mines Narendra Singh Tomar in Bengaluru, Karnataka on 7th July 2015.
Welcoming the members of the Consultative Committee on Ministry of Steel and Mines, in the garden city of Bengaluru to discuss on the R&D in Indian Steel sector and Enhancing Exploration, Tomar said, so far India was the 4th largest steel producer in the world only after China, Japan and the US.... Read More
No Lenders approached the Company says Electrosteel Steels
With reference to the news flashed on CNBC TV 18 on July 7, 2015 captioned "Electrosteel Steels under SRD; lenders to take control", Electrosteel Steels Ltd has clarified "We would like to inform you that no Lenders have approached the Company for the same.
The Company again affirms that it follows highest standard of corporate governance and maintains transparent policy by disseminating all information to all its stakeholders. from time to time, under Clause 36 of the Listing Agreement, which would impact performance/operations of the Company.
Coal block allocation: Hindalco Industries clarifies
Hindalco Industries Limited has stated in respect to clarification to media item titled "PIL on Hindalco : I-T Dept filed report, estimates that Hindalco dealing with unaccounted cash worth Rs 200 crore -Hindalco paid Rs 7 crore in kickbacks to environment ministry".
On basis of above the Company has clarified that "There is nothing new in the allegations and the matter is already under investigation. As we have repeatedly said in the past, neither the diary nor the cash recovered belong to our company.”
NMDC to set up 3 MT/year steel plant in Karnataka: Tomar
Public sector mining giant NMDC is planning to establish three million tonnes per annum steel plant in Karnataka.
The company will collaborate with the state government at an estimated investment of Rs 18,000 crore, Union Steel and Mines Minister Narendra Singh Tomar said.
NMDC would increase production from three million tonnes per annum to six million tonnes at a later stage, Narendra Singh Tomar added.
Brazil's chemical engineering students win 2015 Honeywell Unisim design challenge
Two Brazilian chemical engineering students who used simulation software to show how pollutants can be removed from contaminated water have been named the winners of Honeywell Process Solution’s (HPS) annual UniSim Design Challenge. The students were recognized during the company’s annual customer symposium for the Americas held this week in San Antonio, Texas.
Mariana Kaori Kobayashi Cunha from the University of Sao Paolo Polytechnic School and Herbert Senzano Lopes fromthe Federal University of Rio Grande do Norte designed a solution to treat water used in oil and gas exploration and production for different reuses, including human consumption. he pair worked on the project with Professor Galo Carrillo Le Roux of the University of Sao Paolo Polytechnic School.... Read More
Lenders clear Rs 30,000 cr debt rejig...Bhushan Steel clarifies
With reference to the news item titled "Lenders clear Rs. 30,000 cr debt rejig for Bhushan Steel", Bhushan Steel Ltd has clarified that the Joint Lenders Forum have agreed to extend the Loans of BSL for a tenure of 25 years under the scheme announced by RBI and the approval of the scheme is under process with the respective banks.
Presently about 70% of the Banks have approved the scheme and sanction from rest of the Banks is under process which is expected within a month or so.
Tata Steel Q1 saleable steel production down 0.9%
Tata Steel Limited registered Hot Metal and Crude Steel production of 2.59 million tonnes (up by 2.4% y-o-y) and 2.35 million tonnes (up by 0.5% y-o-y) respectively for Ql FY 16. Saleable Steel production is 2.23 million tonnes and Sales increased by 2% y-o-y to 2.14 million tonnes.