In the wake of delay in several steel projects and scams in allocating natural resources, the draft national steel policy suggests introduction of an online single e-window clearance for projects. The involvement of a large number of agencies in project clearances is considered to be a major hurdle in creation of green field steel capacities
Tag: acquisition
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OVL’s $1 bn acquisition plan gets CCEA nod
The proposal of ONGC Videsh (OVL) to pick up the 2.7213 per cent stake of US energy major Hess Corp in the Azerbaijan oilfield received approval from the Cabinet Committee on Economic Affairs (CCEA). According to the plan, OVL would invest $ 1.001 billion to buy 2.7213 per cent stake of the above mentioned firm in Azeri, Chirag and the deep water porti
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Majority of JSW Steel shareholders clear merger plan
In a communication to stock exchange, JSW Steel said it received approval from 99.99 per cent of shareholders in a recent meeting for merging JSW Ispat Steel with the company. Following this, the company awaits the approval of the Bombay High Court to complete the merger process
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OVL plans to complete Azerbaijan block deal in 3 months
ONGC Videsh (OVL), the overseas arm of state-run oil explorer ONGC, plans to complete the $1 billion acquisition of a stake in an Azerbaijan oilfield by the first quarter of 2013 subject to government and regulatory approvals. Union Cabinet Committee on Economic Affairs (CCEA) is said to be studying the
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JSW Steel, JSW Ispat convene shareholders meet
Following the directive by the Bombay High Court, JSW Ispat and JSW Steel convened a separate shareholder meetings in Mumbai to seek their approval for the proposed merger of both these firms. According to the merger proposal, every 72 shares of JSW Ispat would be exchanged for one equity share of JSW Steel. Institutional Investor Advisory Services advised shar
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Adani Group to strengthen presence in port sector
Adani Group, which operates Adani Ports in Gujarat, plans to strengthen its presence in the port sector by lining up greenfield projects and also by acquiring some port companies. As part of this strategy, the group is constructing ports in Hazira, coal berths in Mormugao and Vizag and a dry b
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Board gives one year for Posco’s Rs 530 bn SEZ project
Media reports suggest that the Board of Approval (BoA) for Special Economic Zone (SEZs) decided to give South Korean steel giant Posco one more year to start work on its proposed multi-product SEZ in Odisha. The company's proposed Rs 53,000 crore multi-product SEZ project in Odisha failed to take off as it is unable to acquire the required land in
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Adani reportedly finanlises deal to acquire Dhamra Port
At a recent meeting with L&T Chairman AM Naik and Tata GroupÂ’s new Chairman Cyrus Mistry, Adani Group Chairman Gautam Adani finalised the deal to acquire Dhamra Port Company (DPCL) in Odisha, reports suggest. During the meeting, the terms and conditions of the deal, which involves acquiring stakes of the construction major Larsen & Toubro (L&T) and Tata SteelÂ’s stakes in DPCL, was finalised
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Ministry may miss 9,500 km road project target
Agency reports suggest that the union road ministry may not be able to award 9,500 km of projects, as was targeted, by the end of 2012-13 because several reasons like delays in environment clearances. Between Apr-Dec 2012, the ministry could award contracts for only 1,100 km of road projects. The main fact
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Adani Group eyes port in eastern India
Expecting tremendous potential for the port sector, Adani Group plans to spend around $1 billion to acquire a private sea port on the country's eastern coast before March 31. Gautam Adani, Chairman of the firm said this in an interview. Adani Group, which runs one of India's largest ports, at Mundra in western India, is also developing ports in Da