“The company had preferred an appeal before NCLAT challenging certain portions of NCLT orders, and the judgment on the same has been pronounced on December 4, 2019, allowing the said appeal of JSW,” JSW Steel said in a notification to the stock exchanges on Thursday.
A two-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya also asked the ED to clarify about its role after the attachment of assets of Bhushan Power and Steel Ltd (BPSL). The NCLAT has directed to list the matter on December 12 for the next hearing. The appellate tribunal was hearing a batch of petitions, against the attachment of BPSL assets.
JSW Steel is supplying to metro rail projects in Mumbai, Nagpur, Pune, Bangalore, Chennai, Kolkata, Indore, Bhopal, Lucknow & Ahmedabad. The ongoing supplies, as well as those already completed during the current fiscal, will boost JSW Steel’s supplies to Metro rail projects by more than Rs 600 crore following successful completion of these deliveries.
During the Question Hour, Dharmendra Pradhan said steel is a deregulated sector where market forces and commercial considerations decide construction and location of new steel plants. He was responding to a query on whether the government proposes to set up new steel plants in Haryana. According to him, India has become a net exporter of steel in the current year.
On November 15, the apex court paved the way for ArcelorMittal to take over Essar Steel for Rs 42,000 crore, giving primacy to secured creditors in any bankruptcy resolution plan. The apex court over-ruled the appellate tribunal NCLAT which asked the banks to share the proceeds equally with the unsecured creditors as well.
All plants and units of the company are working on a mission mode to reduce the cost of production with the guiding principle ‘Do more with less,' an official statement said. To ensure larger employee engagement and involvement in this effort, a series of workshops are being organized across the company.
Consequently, any significant delay with respect to auctions and more specifically lease transfers will affect iron ore supply and prices, thereby putting further pressure on sector profitability. Non-integrated steel companies, which do not have access to captive iron ore mines, will be relatively more vulnerable in the event of such delay.
An investigation by the Competition Commission of India, which began in 2017, has concluded that Tata Steel, SKF & Schaeffler colluded on pricing of bearing. India's bearings market is worth $1.3 billion, according to ICRA Research. CCI can fine firms up to three times the profit made in each year of wrongdoing or 10% of revenue, whichever is higher.
mjunction has bagged contracts for e-auction of telecom spectrum for the Department of Telecommunications, e-bidding of oil and gas blocks and more recently, contracts to deploy its e-procurement system at Ordnance Factory Board under the Ministry of Defence and also for all departments of the Government of Bihar – all through open bidding.
When asked about chances of the JV plans getting scrapped with ArcelorMittal all set to enter India after winning Essar Steel, SAIL Chairman A K Chaudhary replied, the company had said "they need time as they were busy with Essar Steel. But let's see what they have to say now".
Special public prosecutor for ED, Advocate Nitesh Rana told the Court that the agency has attached only Rs 4,000 crores of Bhushan Steel so far and that the scandal involves over Rs 43,000 crores which the agency is still investigating. ED had arrested Singal in connection with an ongoing money laundering probe against him on Friday.
ArcelorMittal, the world's biggest producer of the alloy, is entering India at a time when the sector is going through a lean phase, facing a demand slump. Other steelmakers shared Pradhan’s sentiments about ArcelorMittal’s entry into India. ArcelorMittal’s presence will bring in new technology, and have a longer-term impact on prices and the steel product basket.
Last week, the Supreme Court paved the way for ArcelorMittal's takeover of debt-ridden Essar Steel for Rs 42,000 crore and set aside the July 4 NCLAT order giving equal status to financial creditors and operational creditors. Following the verdict, ArcelorMittal said it expects to complete the acquisition of the debt-ridden company by the end of this year
Increased production of carbon steel, alloy (including stainless steel) and other high grade and special steel will facilitate higher value addition of steel in India. On the other hand, encouraging growth of ancillary units will foster development of SME units as well as further enable growth of the anchor primary steel unit(s).
In September, the government had made it mandatory for traders to register themselves with SIMS to import 215 iron and steel products. The date provided earlier was November 1. According to the Directorate General of Foreign Trade (DGFT), this will be a one-time relaxation.