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Tata Steel divests its entire stake in Lanka Special Steels Limited

Tata Steel divests its entire stake in Lanka Special Steels Limited

Mumbai, April 1, 2015: Tata Steel Limited (“Tata Steel”) today announced that it has divested its entire stake in Lanka Special Steels Limited (“LSSL”) to E.B. Creasy & Company PLC (“EBCC”) for a total consideration of LKR 433 million (around Rs. 20.4 crore) in an all cash deal.

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Rising freight cost may impact steel firms

Rising freight cost may impact steel firms

The sharp rise in railway freight could hit the steel industry, which is already reeling under high raw material cost and weak demand. In the last six months, the logistics charges for the steel industry have gone up by 20 per cent to about Rs 2,400 a tonne, and companies are not able to pass on the incremental cost to the end user due to weak demand.

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First coastal cargo from NMP to Lakshadweep

First coastal cargo from NMP to Lakshadweep

The New Mangalore Port (NMP) handled the first coastal cargo to Minicoy of Lakshadweep Islands following directions from the Ministry of Shipping to give priority to coastal shipping activities.

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Relaxation for KIOCL

Relaxation for KIOCL

The government has allowed Kudremukh Iron Ore Company Ltd (KIOCL) to directly export iron ore pellets in a bid to revive the cash-starved company.

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Core infrastructure posts strongest growth in April

Core infrastructure posts strongest growth in April

Finally, bringing some relief to the Centre the core infrastructure industries have rebounded in the month of April. The surge in infrastructure output from 2.5 per cent in March to 4.2 per cent in April indicates an uptick in the economy.

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Legal eagle

Legal eagle

Avantha Group Company CG has appointed Ravi Rajagopal as its Executive Vice-President & Global Head - Legal, Governance and Risk. Rajagopal will also be a member of the Executive Committee of CG.

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Lalitanjali Group to set up steel park in Vizag

Lalitanjali Group to set up steel park in Vizag

Hyderabad-headquartered Lalitanjali Group, focused on strategies, industry entry planning, market research and raw material sources, is planning to set up the country's first steel industrial park in Visakhapatnam with an investment of Rs 650 crore, according to chief executive officer Rahul Rao.