At its board meeting in May, state-run miner NMDC is expected to take a final decision on partnering with either Steel Authority of India (SAIL) or Rashtriya Ispat Nigam (RINL) for its proposed steel project. It may be recalled that SAIL and RINL evinced interest to partner with NMDC on its proposed Rs 15,525-crore steel project at Nagarnar in Chhattisgarh
Tag: joint venture
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Uttam Galva, Posco mull Rs 160 bn steel project
Reports suggest that Uttam Galva Steels is holding talks with South Korean steel major Posco to set up a 3 million tonne per annum (mn tpa) steel plant in Maharashtra at a cost of Rs 16,000 crore. Reports also indicate that both the companies plan to form a joint venture for the project and the world's leadin
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AAI, RIL to form JV for jet fuel supply
To supply jet fuel to carriers at reduced prices, Airports Authority of India (AAI) will form a joint venture (JV) with local airlines and oil companies and Reliance Industries (RIL) will be a part of it, AAI's Chairman VP Agrawal said on April 16. The Airports Authority of India will own a 13 per cent stake in the JV and the rest will be held by oil companies and airlines, he said.
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SCI can take possession of 7 vessels of erstwhile JV
Sources from the union shipping ministry informed that the discontinuation of the joint venture between Shipping Corporation of India (SCI) and Irano Hind Shipping Company would add seven ships to the former's fleet. SCI will get the seven vessels as it agreed to repay the loans of the joint venture. It is learnt that the joint ventu
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Bidding for stake sale in Mozambique field closes
Reports indicate that the bidding for the stake sale of Videocon and the US-based Anadarko Petroleum in a Mozambique gas field was closed recently. Both the companies intend to sell 10 percent stake each in the gas field and several international firms are learnt to have shown interest in the stake
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Indian steel sector holds strong growth potential
Brazilian steelmaker Gerdau SA hopes that the Indian steel sector may grow sizeably given the current low per capita consumptions in the domestic market. In view of the opportunities in the domestic market, the company plans to expand its footprint in India and it is in active talks with a few Indian steel companies for acquiring either majority stake or entire stake. But it is not know
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SunCoke Energy invests Rs 3.68 bn in Indian JV
US listed SunCoke Energy invested around Rs 368 crore to acquire 49 percent stake in the joint venture, VISA SunCoke, while the Indian partner Visa Steel would hold 51 percent stake. In its board meeting the Kolkata-based steel company Visa Steel formally announced the joint venture, which
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Experts suggest ports to spend on dredging
Experts suggest that Indian ports need to increase their draft by spending on dredging activity. As vessels get bigger, to reduce the unit cost of transportation, it becomes important for ports to have deep drafts to enable larger vessels to call on them, experts argue. Some firms like Adani Port and SEZ invested significantly in dredging equipment to maintain the channel depth. Ports under the central government spen
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HPCL to set up 5 mn tpa LNG terminal in Chhara
Media reports suggest that Hindustan Petroleum Corp (HPCL) identified Chhara in Gujarat's Junagadh district to set up a liquefied natural gas (LNG) import terminal in a joint venture with SP Ports, a unit of Shapoorji Pallonji Group. The Rs 5,000 crore terminal project would be executed by both the firms through a 50:50 joint vent
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NMDC gets response from buyers for steel project
Media reports indicate that public sector iron ore miner NMDC received encouraging response from steel firms for the expression of interest (EOI) floated by it to sell 50 percent stake in an upcoming project. The company is setting up a 3 million tonne per annum (mn tpa) steel plant at Nagarnar in Chhattisgarh with an investment of Rs 16,000 crore. Work on the proj