ArcelorMittal India (AMNS) announces Rs 1,000 crore additional investment in AP to expand Vizag pellet plant capacity

Steelmaker AMNS India will invest an additional Rs 1,000-crore in Andhra Pradesh to expand its pellet plant capacity to 11 million tonnes per annum (MTPA). The present capacity of its pellet plant located in Visakhapatnam (Vizag) is 8 MTPA. “ArcelorMittal Nippon Steel India has confirmed a proposed investment of Rs 1,000 crore towards brownfield expansion […]

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RBI issues norms for import of gold by qualified jewellers

The Reserve Bank of India (RBI) has come up with norms for facilitating physical import of gold through India International Bullion Exchange IFSC (IIBX) or similar authorised exchange by Qualified Jewellers in India. In addition to agencies nominated by the RBI and by DGFT, Qualified Jewellers (QJ) as approved by International Financial Services Centers Authority (IFSCA) were […]

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India’s SAIL declares record revenues on higher output, demand for steel

An uptick in demand and higher production helped the Steel Authority of India (SAIL) achieve record revenues and production in the year ending March 2022, the governments statement said. During FY’22, the company has clocked its best-ever performance in production and sales while achieving an all-time high revenue from operation of Rs.1,03,473 Crore and EBITDA […]

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India slaps export duty on 11 iron, steel products; slashes import duty on few other steel items to curtail price rise

India’s finance ministry notified export duty on 11 iron and steel intermediates and lowered import duty on three key raw materials for steel production and three inputs for making plastic items. To increase local availability of iron ore and a few steel intermediates, export duty on iron ore and concentrates has been raised to 50% […]

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India’s central bank, the Reserve Bank of India allows settlement of trade transactions with Sri Lanka in Indian rupees

In view of difficulties being faced by exporters in getting payments from crisis-hit Sri Lanka, the Reserve Bank of India (RBI) has allowed settlement of trade transactions in Indian rupee outside the Asian Clearing Union (ACU) mechanism. In March, the government had guaranteed a term loan of $ 1 billion extended by the State Bank of India (SBI) to Sri Lanka […]

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