Jindal Steel Power plans to offload power business to its promoter firm for Rs 3,015 crore, subject to approvals

The board of Jindal Steel and Power (JSPL) approved the divestment of its 96.4% stake in the company’s subsidiary Jindal Power (JPL) for Rs 3,015 crore to Worldone Private, which is owned by JSPL’s promoter group. Apart from reducing debt by around Rs 5,000 crore, this deal will help JSPL focus on its steel-making operations […]

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Steel supply curbs in China proving to be a boon for Indian steel makers

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China, the largest consumer of steel, is facing supply curbs which bode well for steel demand and prices globally. Limited exports out of China, as Beijing targets zero emissions over time, will lower the risks of cheap steel imports into India and will likely boost capacity utilisations across domestic steel manufacturers. For domestic steel manufacturers […]

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Infrequent sale of a few iron ore blocks leads to an artificial deficit: Jindal

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Iron ore is a strength for India but at a particular cost, Jindal Steel & Power chairman, Naveen Jindal, said on Wednesday, alluding to the unsustainable premiums quoted for the Odisha auctions earlier this year. Speaking at the ‘Minerals, Mining and Metals’ e-conclave organised by the Bengal Chamber of Commerce and Industry, Jindal said, whether […]

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State of Odisha being propped to become India’s steel hub, says minister

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India’s minister of steel, Dharmendra Pradhan has said the Centre is committed to developing the mineral-rich state of Odisha as an international hub for steel sector’s ancillary industries. The state of Odisha is amongst the richest mineral bearing states of the country,” he said in a tweet. The steel minister held a meeting with officials to discuss […]

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Coronavirus outbreak and lockdown impact weighs on Indian steel industry

The outbreak of COVID-19 and a lockdown to prevent the spread are threatening to impact production of steel companies. Tata Steel is closing down its downstream standalone units in Maharashtra and Uttar Pradesh in line with guidance from respective states. The main sites at Jamshedpur, Kaliganagar and Angul, however, are operational, as they are process […]

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Three coal mine auctions close with significant variations across winning bid prices

The auction of coal mines under the eighth, ninth and tenth round has come to a close with winning bid prices reflecting the significant variation. The highest winning bid amount from among all mines bid out, at Rs.1,674 per tonne, has been quoted for the Jamkhani coal mine in Odisha by Vedanta Limited. Prakash Industries’s […]

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