According to media reports, JSW Steel halted its expansion plan of its 10 million tonne Vijayanagar plant in Karnataka to 12 million tonne until such time the iron ore supply improves in the state. The company was to invest Rs 2,695 crore on the expansion project in 2013-14 by borrowing Rs 1,750 crore and using its cash reserves for the remaining about Rs 945 crore
Tag: capital
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SAIL, Posco in talks over steel plant project
State-run firm Steel Authority of India (SAIL) has been in discussion with POSCO for setting up a FINEX technology based steel plant of around 3 Million Tonne Per Annum (mn tpa) hot metal capacity as a joint venture at Bokaro Steel Plant. It is estimated that around 1,100 acre land would be required for this purpose. SAIL and POSCO have not reached an agreement on the share holding structure of the j
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SAIL imports 75% of coking coal requirement
Steel Authority of India (SAIL) imports 75 percent of its requirement of coking coal from foreign countries and the rest through captive mines and domestic sources. This information was given by the Minister of State for Commerce & Industry, D Purandeswari in a written reply in the Lok Sabha. The company has to rely on imports for substantial consumption of coking coal because of the limited availa
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Govt takes steps to promote FDI
The central government is taking a slew of measures to promote foreign direct investment in Indian companies and thereby improve capital flows into the country. As part of this effort, the Department of Industrial Policy and Promotion (DIPP) would soon move a Cabinet note to amend the FDI policy to bring more clarity on the definition of ĂâcontrolĂâ in sync with that in the C
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Govt takes steps to promote FDI
The central government is taking a slew of measures to promote foreign direct investment in Indian companies and thereby improve capital flows into the country. As part of this effort, the Department of Industrial Policy and Promotion (DIPP) would soon move a Cabinet note to amend the FDI policy to bring more clarity on the definition of ĂâcontrolĂâ in sync with that in the C
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DCI issues tax-free bonds worth Rs 5 bn
Dredging Corporation of India (DCI) is issuing tax-free bonds worth Rs 500 crore and has offered a coupon rate of 6.47 per cent for qualified institutional investors, domestic companies and high net worth individuals. The coupon rate is 7.47 per cent for retail investors. The bonds are of 10-year tenure and 40 per cent of the issue is earmarked for retail investors
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SCI plans to invest Rs 19 bn in FY14
Shipping Corporation of India (SCI) plans to spend
Rs 1,939 crore during 2013-14, far less than Rs 2,497 crore spent in 2012-13, Union budget documents shows. The investment would be financed through internal and extra budgetary resources. Sunil Thapar, director-bulk and tanker division, SCI said the company wants to cons
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SAIL proposes Rs 130 bn investment in 2013-14
In order to raise its production capacity, from the current million tonne per annum (mn tpa), state-run Steel Authority of India (SAIL) proposes to invest Rs 13,000 crore in 2013-14. Of the total amount, Bhilai Steel Plant may get the highest share at Rs 5,900 crore for installation of a 700 ton
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PSBs to get Rs 125 bn capital in FY13
Government proposed to infuse an amount of Rs 12,517 crore in Public Sector Banks(PSBĂâs) to augment their Tier-1 capital in FY-2012-13. A sum of Rs 12,000 crore was infused during 2011-12 to enable them to maintain a minimum Tier-1 CRAR of 8 per cent. Performance of Indian banks during the year 2011-12 was conditioned to a large extent by fragile recovery of global financial markets as well as a challenging oper
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Banks may find it difficult to raise non-equity core capital
Crisil Ratings President Ramraj Pai opined that banks may find it difficult to raise Rs 1.4 trillion worth of non-equity-based tier-I capital, as mandated by Basel III norms, because of complexity involved in these debt instruments. According to Basel III norms, banks will have to raise
1.3 trillion as equity capital and up to Rs 1.4 trillion as non-equity tier-I capital