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Metals & Mining

The government has pared its holding in Coal India Ltd to 72.33 per cent in the current financial year from 78.5 per cent in 2017-18. Following the recent buy back of 0.72 per cent of shares, the promoters (government) holding is now at 72.33 per cent. https://www.business-standard.com/article/pti-stories/govt-stake-in-coal-india-reduces-to-72-33pc-119032500930_1.html

Jindal Steel and Power Limited (JSPL) has re-started its 1.8 million tonne per annum (mtpa) Direct Reduced Iron (DRI) plant at its six mtpa integrated steel complex at Angul, Odisha, buoyed by robust domestic demand. https://economictimes.indiatimes.com/industry/indl-goods/svs/steel/jindal-steel-and-power-limited-jspl-has-re-started-its-1-8-million-tonne-per-annum-mtpa-direct-reduced-iron-dri-plant/articleshow/68564552.cms

The twin distressed assets of Uttam Value Steels and Uttam Galva Metallics have received a fresh bid from a consortium led by CarVal Investors. CarVal Investors, the investment arm of US-based agri group Cargill, has bid for the assets along with Asset Reconstruction Company (India) Ltd (Arcil). https://economictimes.indiatimes.com/industry/indl-goods/svs/steel/uttam-value-steels-galva-metallics-get-new-bids-from-carval-consortium/articleshow/68531081.cms

JSW Group is entering the steel furniture business under the brand JSW Living, a venture that marks the induction of Tarini Jindal Handa into the group as the new entity’s managing director. JSW Living will focus largely on the home furniture segment, which accounts for almost 65% of the total furniture sales in the country. https://economictimes.indiatimes.com/industry/indl-goods/svs/steel/jsw-to-enter-steel-furniture-business/articleshow/68554347.cms

Daiki Aluminium, a 100 per cent subsidiary of Daiki Aluminium Industry Co. Ltd., Japan, will invest Rs 250 crore in Sri City, a smart integrated business city near Chennai. The plant will be built on a 20-acre plot in the Domestic Tariff Zone (DTZ) and is expected to be commissioned by February 2020. https://www.business-standard.com/article/companies/daiki-aluminium-to-invest-rs-250-crore-will-create-600-jobs-119032100149_1.html

The National Company Law Appellate Tribunal (NCLAT) gave a conditional go-ahead to ArcelorMittal’s Rs 42,000-crore resolution plan for debt-laden Essar Steel. A two-member Bench the implementation would be subject to the final outcome of the various pending appeals. https://www.business-standard.com/article/companies/arcelormittal-gets-nclat-s-conditional-nod-for-rs-42-000-cr-essar-steel-bid-119031800797_1.html

Gold refiner Rajesh Exports has secured a new export order worth Rs 1,079 crore from Middle East. The order is to be completed by June. https://economictimes.indiatimes.com/industry/indl-goods/svs/metals-mining/rajesh-exports-bags-order-worth-rs-1079-cr-from-middle-east/articleshow/68407614.cms

Despite being the fourth largest producer of iron ore, India’s imports of mineral rose a whopping 157 per cent during April-December 2018 mainly due to higher logistics costs for sourcing it domestically and lower import duties. https://www.business-standard.com/article/economy-policy/india-s-iron-ore-imports-rise-157-during-april-december-2018-says-report-119031400702_1.html

The Ahmedabad Bench of the National Company Law Tribunal (NCLT) approved ArcelorMittal’s Rs. 42,000-crore resolution plan for the insolvent Essar Steel India Ltd (ESIL). This allows the LN Mittal-led global steel major to gain a foothold in the Indian market. Essar Steel has a plant with a capacity of 10 million tonnes per annum at […]