A three-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya asked the agencies to file their reply affidavits by January 20 stating whether after insertion of section 32 A in the Insolvency and Bankruptcy Code (IBC) last month, JSW Steel has immunity from the alleged fraud committed by the previous BPSL managemet.
The company's MD Tarini Jindal Handa -- daughter of steel magnate Sajjan Jindal -- had announced plans of investing around Rs 250 crore over the next five years to become one of the top five readymade furniture brands in India.
ED had in October last year attached Bhushan Power and Steel’s Rs 4,025-crore worth of land, buildings, plant and machinery in Odisha in a case related to the alleged diversion of bank funds, stalling the implementation of JSW Steel's Rs 19,700-crore resolution plan.
ISSDA also urged the government for simultaneous imposition of 12.5% custom duty on stainless steel flat product imports in order to bring it at par with carbon steel. The association has also sought abolition of 7.5% import duty on graphite electrodes, another major raw material for stainless steel manufacturing, an official statement said.
The company had posted losses to the tune of Rs 5 crore in the financial year 2018-19. The turnover of SPS, is also tipped to nearly double to around Rs 900 crore in the financial year 2019-20 from Rs 480 crore after its takeover by the Shakambhari Group.
Launching the 'Purvodaya' programme here, Pradhan said the underdeveloped districts in West Bengal, Chhattisgarh, northern Andhra Pradesh, Jharkhand and Odisha have to be taken forward for development of the steel sector. Addressing an event organised by CII, Pradhan, minister of petroleum, natural gas and steel, said the region has rich deposits of coal, iron ore and bauxite.
"TSNBHV raised term loan facilities of EUR 1.75 billion from 19 banks. This represents a reduction of EUR 500 million versus the external debt outstanding in Tata Steel Europe as of March 2019," the statement said. This will enable the standalone European business to have a more robust balance sheet.
Government estimates suggest capacity addition in the steel hub would entail capital investments of over $70 billion and lead to an incremental Gross State Domestic Product of over $35 billion through steel alone, besides creating over 2.5 million jobs across the steel value chain in the region, an official statement from the steel ministry said.
While the company’s maintained its sales in the auto segment during the quarter, its branded products & retail segment grew 23% QoQ while industrial products and projects grew 12% QoQ. According to provisional figures released by the company during Q3FY20, Tata Steel India’s production grew by 1.8% over Q3FY19 to 4.46 million tonne but remained flat on a QoQ basis.
Arcelor Mittal’s debut in steel industry through acquisition of Essar Steel will raise the competition in the domestic steel sector. Nevertheless there is still headroom for steel companies to increase capacities with consumption demand tipped to grow at 6-7%. Ind-Ra said continued regulatory support is critical to protect local steel players against the threat of imports.
"As the government has focused on ease of doing business, it should also focus on 'cost of business' to make industries, particularly the manufacturing sector, more competitive in the prevailing market. "We have been controlling the cost of business inside the work but outside the plant, it is not in our hands but the central and state governments," the Tata Steel CEO said.
After 2019 saw the domestic market grapple with surge in imports, increased dependence on imported coking coal from select countries, the steel ministry will be focusing on managing availability of iron ore as leases of a clutch of mines are scheduled to expire in March next year.
In terms of experience, the applicant should have adequate experience at a senior level of management in an organisation of repute. Applicants with experience in finance, marketing and production will have added advantage.