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The Dollar Business Bureau The Central Board of Excise and Customs has extended the anti-dumping duties imposed on imports of Hot-rolled and Cold-rolled flat products of alloy or non-alloy steel from People's Republic of China, Japan, Korea RP, Russia, Brazil, Indonesia and Ukraine for another two months. This is a provision to protect the business interests of local manufacturers and to reduce the dependency on imports. This was conveyed via notification no’s: No.5 & No.6/2017-Customs (ADD) dtd Feb 7, 2017. The government has to make periodic amendments to the safeguard measures until the investigation by the Director General of Anti-Dumping concludes as the anti-dumping duty cannot be imposed for a longer term. The domestic steel lobby including JSW, Essar Steel and the Steel Authority ...

The Dollar Business Bureau It is imperative to decrease the cost of manufacturing, including interest (or capital) cost, for turning India into a global manufacturing hub, said  JSW Group Chairman and MD Sajjan Jindal while speaking at the Manufacturing Summit organised by Confederation of Indian Industry (CII). Jindal is of the view that the rates of interest are going to reduce soon owing to low inflation in the market and the excessive funds held by the banks.  According to him, one needs to fix the cost of capital which should come down in order to make the manufacturers more competitive. India also needs to develop an ecosystem in the manufacturing domain to ensure high competitiveness of manufacturers. The elements of value addition and research and ...

The Dollar Business Bureau  JSW Energy Ltd. on Monday signed a Memorandum of Understanding (MoU) to establish a thermal power plant and related project in Swaziland. The India-based energy giant signed an agreement with the Swaziland Electricity Company (SEC) and the Swaziland government to set up plant with an aim to facilitate energy security and make Swaziland self-reliant in power by exploiting the resources available in the country. “The capacity of the power plant to be set up will be decided by JSW Energy in consultation with SEC based on the coal resources found during the exploration of an area of approximately 16,000 hectares to be prospected by JSW Energy under a prospecting license granted to them,” JSW Energy said in a statement. The ...

The Dollar Business Bureau  The merger between Hewlett Packard’s enterprise services segment and Computer Sciences Corporation (CSC) has been met with approval by the Competition Commission of India. The merger would create one of world’s leading pure play IT services companies. The deal which was announced in May specified that Everett-Spinco a wholly-owned subsidiary of HPE that holds the conglomerate’s enterprise service business would merge with CSC. Confirming the news, CSC tweeted that it has approved the, “demerger of  Enterprise Service Business of HPE into Everett Spinco; the latter to become subsidiary of CSC.”  Post the merger, CSC and HPE shareholders would have around 50% stake each in the new entity.  Announcing the deal, CSC said, "strategic combination of the two complementary businesses will ...

The Dollar Business Bureau The government of Jharkhand organized the inaugural of Jharkhand Investment Promotion Board, chaired by Chief Minister Raghubar Das, in Mumbai.  The JIPB will likely include ten representatives from the industry, who will be elected by the government with focus onto the areas of automobiles, information technology, energy, food processing, tourism, education, infrastructure development and healthcare. The state government has already received 27 investment proposals ranging from the sectors of agriculture, food processing, mining, power, healthcare, education and tourism. The 27 proposals are worth Rs.1 lakh crore. The investors inclusive of industry giants like Essar, Tata Steel, Adani, JSW, NTPC, SAIL and NDMC. Of late, the government beefed up the efforts to project Jharkhand as investment hub of eastern India. Jharkhand CM ...

Source: PTI   Billionaire Sajjan Jindal's JSW Energy will acquire a 1,000 MW power plant from his younger brother Naveen-led heavily indebted Jindal Steel and Power Ltd for Rs 6,500 crore. JSW will pay at least Rs 4,000 crore, excluding net current assets, and an additional Rs 2,500 crore if JSPL's 1,000 MW power plant in Raigarh, Chhattisgarh secures a long term power purchase agreement, the firms said in statements. Sajan and Naveen, sons of billionaire Savitri Devi Jindal, once competed to buy foreign assets, but JSPL has run into rough weather with Supreme Court cancelling its coal mine allocations and weak global commodity prices. JSPL, which has a debt of close to Rs 46,000 crore, said the deal, to be completed by ...

Jindal Steel & Power company has a total net debt of 460 billion rupees at the end of December last year, which is almost eight times the companys current market capitalization. The company has been in frequent discussions with the lenders to postpone repayments due to the cash flow mismatches. The Dollar Business Bureau Ravi Uppal, the Chief Executive of Jindal Steel said that they are negotiating a deal, but refused to give more details about it   JSW energys Sajjan Jindal is on the verge of closing a deal of about $782 million to buy a coal-fired power plant of 1,000 megawatt(MW) from Jindal Steel & Power, owned by his brother. An announcement is expected about the deal on Wednesday. However, a delay ...

A group of large multinationals and domestic players are competing with each other to land the Lafarges cement assets in India The Dollar Business Bureau Development sources revealed that the auction for the 10.75 million Lafarge assets could happen in a month A group of overseas cement companies, domestic players and private equity funds are competing with each other to bag Indias Lafarge cement assets sale. Many of the companies have submitted their expression of interest in their imminent sale. The probable applicants list includes - a notable industrial conglomerate in Latin America called Votorantim, the German multinational building materials company Heidelberg Cement, an Irish building materials company CRH plc, an American private equity fund group KKR, Indian conglomerates JSW and the Piramal ...