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Bhushan Power buyout: NCLAT to hear probe agencies over JSW Steel's plea seeking protection from investigation against BPSL
Business

Bhushan Power buyout: NCLAT to hear probe agencies over JSW Steel's plea seeking protection from investigation against BPSL

The NCLAT also said it will decide over the payment of Rs 19,350 crore by JSW Steel to the Committee of Creditors of Bhushan Power and Steel on the next date of hearing.

Bhushan Power and Steel insolvency: NCLAT to hear JSW Steel's plea on 14 October
Business

Bhushan Power and Steel insolvency: NCLAT to hear JSW Steel's plea on 14 October

The National Company Law Appellate Tribunal will hear the plea of JSW Steel, which has emerged as the highest bidder for Bhushan Power & Steel Ltd, seeking immunity from the ongoing cases of money laundering against the latter on 14 October

Reviving realty sector, policy changes for exports; all this and more in Moneycontrol Pro
Business

Reviving realty sector, policy changes for exports; all this and more in Moneycontrol Pro

India’s exports have been stagnating for over half a decade now and exports in the current year (April-July) are running at a hugely modest 3.1% above the same period last year.

Liquidity crunch key factor for slowdown, is it a bittersweet win for JSW to buy Bhushan Power; all this and more on Moneycontrol Pro
Business

Liquidity crunch key factor for slowdown, is it a bittersweet win for JSW to buy Bhushan Power; all this and more on Moneycontrol Pro

Others say that the credit slowdown is the result of lower demand in the economy and not its cause.

NCLT approves JSW Steel's Rs 19,700-cr resolution plan for debt-ridden Bhushan Power and Steel
Business

NCLT approves JSW Steel's Rs 19,700-cr resolution plan for debt-ridden Bhushan Power and Steel

The National Company Law Tribunal (NCLT) on Thursday approved the JSW Steel's Rs 19,700 crore resolution plan for debt-ridden Bhushan Power & Steel Ltd (BPSL)

Despite frauds, JSW Steel Chairman Sajjan Jindal says no plan to exit Bhushan Power & Steel bid
Business

Despite frauds, JSW Steel Chairman Sajjan Jindal says no plan to exit Bhushan Power & Steel bid

JSW Steel had put in a Rs 19,300-crore bid to take over Bhushan Power and Steel

Not backing out from buying Bhushan Power and Steel, but anxious about alleged fraud reports: JSW tells NCLT
Business

Not backing out from buying Bhushan Power and Steel, but anxious about alleged fraud reports: JSW tells NCLT

JSW Steel on Monday told the National Company Law Tribunal that the company is not backing out from the ongoing resolution process of Bhushan Power & Steel despite reports of alleged fraud by its former promoters

Karnataka deputy CM G Parameshwara blames BJP for two Congress MLAs' resignation; sub-committee formed to probe JSW Steel land deal
Politics

Karnataka deputy CM G Parameshwara blames BJP for two Congress MLAs' resignation; sub-committee formed to probe JSW Steel land deal

Karnataka deputy chief minister G Parameshwara Tuesday sought to blame the BJP for resignation of two Congress MLAs and said a cabinet sub-committee has been formed to look into the issue of land to JSW Steel as flagged by one of the legislators

JSW Steel land row: BS Yeddyurappa responds to HD Kumaraswamy's charges, says he is either 'lying or is ignorant'
Politics

JSW Steel land row: BS Yeddyurappa responds to HD Kumaraswamy's charges, says he is either 'lying or is ignorant'

Karnataka Chief Minister HD Kumaraswamy on Tuesday accused BJP state president BS Yeddyurappa of misleading people about JSW Steel land issue.

Steel industry stares at production disruption in 2020; licences of 288 merchant mines to expire by March next year: Report
Business

Steel industry stares at production disruption in 2020; licences of 288 merchant mines to expire by March next year: Report

A delay in the auction of iron ore mines, whose licences are expiring by March next year, could hit steel production significantly in the country, a report has cautioned.

India fears Sino-US trade war will lead to dumping of Chinese steel; domestic industry asks govt to hike duties to 25%
Business

India fears Sino-US trade war will lead to dumping of Chinese steel; domestic industry asks govt to hike duties to 25%

India, the world’s second-largest steel producer, turned net importer in the year ended 31 March 2019 after a gap of three years.

Tata Steel's consolidated net profit nosedives over 84% to Rs 2,295 cr in Q4; announces merger of Bamnipal Steel
Business

Tata Steel's consolidated net profit nosedives over 84% to Rs 2,295 cr in Q4; announces merger of Bamnipal Steel

Tata Steel had booked a net income of Rs 14,688.02 crore in the corresponding quarter of the previous fiscal

Supreme Court halts ArcelorMittal payment to lenders to buy Essar Steel; Mittal's foray into Indian market delayed
Business

Supreme Court halts ArcelorMittal payment to lenders to buy Essar Steel; Mittal's foray into Indian market delayed

India’s bankruptcy court had approved ArcelorMittal’s $6 billion-bid for debt-ridden Essar on 8 March, potentially ending months of court battles and opening the sector to outsiders.

JSW Steel raises $500 mn from overseas investors, proceeds of notes to be used to repay ECB
Business

JSW Steel raises $500 mn from overseas investors, proceeds of notes to be used to repay ECB

JSW Steel in a filing to BSE on Wednesday said that its board committee has approved the issuance bonds to raise $500 million.

NCLAT directs NCLT to decide on JSW's bid for Bhushan Power and Steel by 31 March
Business

NCLAT directs NCLT to decide on JSW's bid for Bhushan Power and Steel by 31 March

Earlier, on 4 February the NCLAT had dismissed the plea of Tata Steel and upheld lenders' decision to approve resolution plan of JSW Steel for Bhushan Power & Steel.

India's crude steel output declines 4% to 8.99 MT in January; sets target to produce 300 MT by 2030, to invest Rs 10 lakh cr
Business

India's crude steel output declines 4% to 8.99 MT in January; sets target to produce 300 MT by 2030, to invest Rs 10 lakh cr

On 25 January, worldsteel in its report noted that India's crude steel production in 2018 was at 106.5 MT, while as Japan produced 104.3 MT in 2018.

NCLAT dismisses Tata Steel plea; upholds lender's decision to approve JSW's bid for Bhushan Power & Steel
Business

NCLAT dismisses Tata Steel plea; upholds lender's decision to approve JSW's bid for Bhushan Power & Steel

JSW Steel had revised its offer from Rs 11,000 crore to Rs 18,000 crore and later to over Rs 19,000 crore, whereas Tata Steel's last offer was at Rs 17,000 crore after it had refused to revised its bid.

Centre’s ‘Make in India’ in trouble as auto industry faces possibility of production stoppages forced by tough import rules
Business

Centre’s ‘Make in India’ in trouble as auto industry faces possibility of production stoppages forced by tough import rules

India’s steel ministry is pressurising automakers to use locally made steel, endangering 'Make in India' by refusing to back down on tougher import rules despite warnings that the new regulations could disrupt the production of cars, government and industry sources said.

Narendra Modi's 'Make in India' a casualty as steel, auto firms spar over sourcing; minister seeks relaxation in import rules
Business

Narendra Modi's 'Make in India' a casualty as steel, auto firms spar over sourcing; minister seeks relaxation in import rules

The steel ministry in August announced stringent import rules for some high-grade steel products that are sourced by carmakers from countries such as Japan and South Korea but not yet manufactured in India.

Steel companies may go for expansion through brownfield route for next two decades: Analysts
Business

Steel companies may go for expansion through brownfield route for next two decades: Analysts

Domestic steel demand touched 91 million tonne (mt) in fiscal 2018, making the country the third largest consumer of the alloy in the world. In FY18, domestic demand grew by 8 percent, while globally it grew by 5 percent.