Posts tagged ‘Steel Authority of India’

07/12/2014

India Raises $278 Million From Sale of Stake in Steel Authority – Businessweek

India said the sale of a stake in state-run Steel Authority of India Ltd. will fetch $278 million, the first step in a push for $9.5 billion from share sales to help narrow the nation’s budget deficit to a seven-year low.

The disposal of a 5 percent holding in Steel Authority of India is set to generate about 17.15 billion rupees ($278 million) and the offer was more than two times oversubscribed, the Finance Ministry said in a statement today.

“This will give a lot of confidence to the government to come out with disinvestment in other companies,” said R. K. Gupta, managing director at New Delhi-based Taurus Asset Management Co., which oversees $710 million.

via India Raises $278 Million From Sale of Stake in Steel Authority – Businessweek.

22/08/2014

India to Unveil First Warship to Deter Chinese Submarines – Businessweek

India will unveil its first home-built anti-submarine warship tomorrow in a move to deter China from conducting underwater patrols near its shores.

CHINA-MILITARY-NAVY-ANNIVER

Defense Minister Arun Jaitley will commission the 3,300-ton INS Kamorta at the southeastern Vishakapatnam port. The move comes a week after Prime Minister Narendra Modi introduced the largest indigenously built guided-missile destroyer and vowed to bolster the country’s defenses so “no one dares to cast an evil glance at India.”

India is playing catch-up to China, which built 20 such warships in the past two years and sent a nuclear submarine to the Indian Ocean in December for a two-month anti-piracy patrol. The waters are home to shipping lanes carrying about 80 percent of the world’s seaborne oil, mostly headed to China and Japan.

“As China grows into a naval, maritime power, it will be more and more active in the Indian Ocean,” Taylor Fravel, a professor at Massachusetts Institute of Technology who studies China’s ties with its neighbors, said by phone. “Of course, it will not be due to some hostility or targeted at India, but because of its economic interests in the Indian Ocean, as a lot of trade passes through. Such a presence will certainly raise questions in India, but it need not necessarily be a cause of major conflict.”

Warship Plans

India has lacked anti-submarine corvettes in its 135-warship fleet for more than a decade now, with the decommissioning of the last of the 10-ship Petya-class of 1960s-vintage Soviet corvettes in December 2003. It plans to build 42 more warships, including three more anti-submarine corvettes, over the next decade, according to Rear Admiral A.B. Singh, an Indian navy official.

About 90 percent of Kamorta’s components are local, with the hull developed by Steel Authority of India Ltd., medium-range guns by Bharat Heavy Electricals Ltd. (BHEL) and torpedo launchers by Larsen & Toubro Ltd, India’s largest engineering company. The ship is two years behind schedule, according to Commodore B.B. Nagpal, the navy’s principal director for naval design.

via India to Unveil First Warship to Deter Chinese Submarines – Businessweek.

06/03/2014

India’s SAIL-led group hopes to buy coal assets in Poland-chairman | Reuters

A consortium led by India’s Steel Authority of India Ltd, the country’s second-biggest steelmaker, hopes to buy coal assets in Poland in the next few months, Chairman C. S. Verma said on Thursday.

Steel Authority of India Limited

Steel Authority of India Limited (Photo credit: Wikipedia)

Most steel producers in India, the world’s third-largest coal importer, depend on overseas coal shipments and are trying to buy mines in Africa and Europe.

SAIL-led International Coal Ventures Private Ltd (ICVL), whose five participating firms are all state-owned or state-controlled, has been scouting for mines since 2009.

Verma said they had already invested in due diligence for the Polish assets.

JSW Steel Ltd, India’s third-largest steel maker, has already bought U.S. mines that produce the coal used in steel making.

India’s coal imports rose 21 percent to 152 million tonnes last year, with most of that being thermal coal used to generate power, according to Delhi-based research firm OreTeam. (Reporting by Krishna N Das; Editing by Jo Winterbottom)

via India’s SAIL-led group hopes to buy coal assets in Poland-chairman | Reuters.

Enhanced by Zemanta
Law of Unintended Consequences

continuously updated blog about China & India

ChiaHou's Book Reviews

continuously updated blog about China & India

What's wrong with the world; and its economy

continuously updated blog about China & India