The company had produced 14.47 LT crude steel in October 2018, it said in a BSE filing. During the month, the production of flat rolled products fell 3 per cent to 9.77 LT as against 10.11 LT in October 2018, it added. The company registered 25 per cent fall in production of its long rolled products at 2.58 LT as compared to the year-ago month when it stood at 3.46 LT, it said.
In August, the government had allowed 100 per cent foreign investment in coal mining and contract manufacturing. Digitisation in mining is an important productivity lever with key advances in automation and analytics which is transforming mining, Andrew Swart, Global leader, Mining & Metal, Deloitte said.
"The company has partnered with Tata Motors to deploy 40 Tigor Electric Vehicles (EVs) by FY22 in a staggered manner," Tata Steel said in an official statement. A batch of nine Tigor EVs were handed over by the Tata Motors’ team to Tata Steel, on Friday, at the company’s plant in Jamshedpur. The move has been taken under its Go-Green initiative.
Ballari district in Karnataka is the company’s preferred location for the plant because the region has abundant deposits of high-grade iron ore, a key steel-making ingredient, and is home to steel, sponge iron and pellet units. The JSW Group has a steel mill of 12 MTPA capacity in the district.
The deal size was Singapore $ 7 million, roughly Rs 36 crore, for 56.5% held by NSH in NSV. The latter had a turnover of Rs 453 crore in FY19 and its net worth as on March 31, 2019, was Rs 65 crore, according to the notification. NSH is a wholly-owned subsidiary of TS Global Holdings Pte Ltd (TSGH).
"During the September quarter, we repaid around 370 million euros and we will repay a similar amount in the early part of 2020. While we continue to work towards meeting the original target of reducing debt by USD 1 billion, but given the current market scenario we will have to relook at this target," CFO Koushik Chatterjee said on Wednesday.
The Enforcement Directorate (ED), which is probing alleged money-laundering by the promoters of the now-bankrupt company, has recorded findings of BDO, PricewaterhouseCoopers and Duff & Phelps in its investigation report. ET has seen the report. The National Company Law Tribunal initiated bankruptcy proceedings against BPSL on June 22, 2017.
The Arjas steel plant at Tadipatri, in Anantapur district of Andhra Pradesh, has an installed capacity of 300,000 tonnes of special steel long products per year, focused on automotive, defence, railways and related industries. The initial plan is to increase the capacity to 350,00 to 375,000 tonnes.
As per the new reform initiative proposed for mining, the Centre would permit steel producers to use an identified portion of iron ore from their captive mines allotted prior to the auction regime for use by any other of their entities or joint venture operations.
Pradhan discussed with Daido Steel's officials ways to further strengthen cooperation through technology transfer and sharing of best practices to make the local steel industry more cost-effective, an official statement said.
Defending its decision to attach the assets of bankrupt steel mill Bhushan Power and Steel, the ED said insolvency courts don't have the jurisdiction to direct release of a company’s assets attached under the Prevention of Money Laundering Act (PMLA)
It comes at a time when Railways has decided on a massive modernization to replace aging infrastructure. It followed the collapse of the FoB at the northern end of Mumbai's Chhatrapati Shivaji Maharaj Terminus earlier this year.