Indian-origin tycoon Sanjeev Gupta to bail out another ailing UK plant
The Dollar Business Bureau Indian-origin businessman Sanjeev Gupta is likely to bail out yet another ailing plant in Britain after he agreed to acquire the UK’s biggest producer of merchant bars that are used in shaping steel products. As per the deal, Gupta’s Liberty House Group will buy out 100% of the share capital of the Caparo Merchant Bar Plc (CMB) from its managers of Caparo Industries. The acquisition forms a part of Liberty House’s broader strategy for Britain’s steel industry, with taken over major parts of Tata Steel’s UK business and earlier acquiring a large part of Caparo’s engineering operations when the plants owned by Indian-born business magnate Lord Swraj Paul, went into management in 2015. “CMB remained solvent despite its parent, Caparo Industries Plc, ...
Will improve exports in South East Markets: Tata Steel
The Dollar Business Bureau Tata Steel today revealed that it is pursuing business-prospects in South East Asian markets since they offered better prices. TV Narendran, MD at Tata Steel India and South East Asia suggested around the side-lines of the India Steel Expo, that the market prices in steel have stabilized and South East Asian markets provided better prices. He further added that investments would fuel the steel sector’s growth in the country. The industry would have to either generate such funds or find specific investors willing to invest. As such he found the sector growing, and offering opportunities for capital equipment markets. The $25 bn, Mumbai headquartered Tata Steel is the tenth largest steel producer in the world with an annual capacity ...
Tata Steel in talks with foreign firms for Odisha project
The Dollar Business Bureau Tata Steel is trying to attract foreign investments in heavy industries over the next five years at the Special Economic Zone project at Gopalpur in Odisha. The company is in talks with international firms to take the proposal forward. The plan was confirmed by Tata Steel India and South East Asia Managing Director TV Narendran, “We are in discussion with foreign companies for investments in heavy industries over the next five years at the Special Economic Zone project at Gopalpur in Odisha." Narendran also informed about the company having signed a definitive agreement to acquire 100 percent equity in Brahmani River Pellets Ltd (BRPL), which would give a vertical start up to enabling facilities. According to him, the year 2016 holds ...
Ansteel keen to set up steel plant in Andhra Pradesh
The Dollar Business Bureau Chinese steel major Ansteel has expressed its interest to set up a steel plant with an investment of Rs.3000 crore in Andhra Pradesh. Andhra Pradesh Chief Minister N Chandra Babu Naidu, who is on a four-day visit to China, held a bilateral meeting on his first day with the Secretary and President of Ansteel, and officials of other companies in Tianjin. Naidu also invited them for a state visit and asked them to select a suitable location for the proposed steel plant. “Since India is growing very rapidly, there will be a lot of demand for steel in the country and Ansteel group can explore a partnership with either private or public steel enterprises,” said the chief minister. He indicated that ...
JSW Energy to buy 1,000 MW plant for Rs 6,500cr
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 ...
MMTC to pump in Rs 6,000 cr to double NINL capacity
Source: PTI MMTC said it may convert its Rs.1,000 crore working capital loan into equity toward its share of fresh equity of Rs.2,000 crore requirement towards the expansion State-owned trading firm MMTC said it will invest about Rs 6,000 crore to double the capacity of Neelachal Ispat Nigam (NINL) in the next four years. “We have decided to double the hot-metal capacity of 1.1 million tonnes in the next four years in Neelachal Ispat in the first phase,” MMTC Chairman and Managing Director Ved Prakash said in Kolkata on Monday. Speaking on the sidelines of FIMI organised summit, he said the steel plant will commence production from December. MMTC holds 50% stake in Neelachal Ispat while, NMDC Ltd and Odisha Mineral ...
