ESSAR STEEL LTD
White House lists investment over $330 billion in US from India
The White House announced investments of over $330 billion from India as part of total investments. This total is reported as $10.871 trillion from various countries and private industries. Specific investments included $310 billion and $20.5 billion, plus a $15 billion steel plant by Essar Group. US President Donald Trump previously mentioned Reliance Industries' $300 billion investment in Texas.
Essar Oil & Gas wins five CBM blocks across three states, adds 6.6 Tcf gas reserves
Essar Oil & Gas has acquired five coal-blend methane blocks across West Bengal, Madhya Pradesh and Telangana. The company aims to enhance domestic natural gas production while developing approximately 1,281 square kilometers of new acreage. This expansion also includes significant resources of around 6.6 trillion cubic feet of gas-in-place. Essar currently produces nearly 50 percent of India’s CBM production, reflecting its strong position in this sector.
Globalisation 2.0, can it be furrowed home?
Indian corporations are making bold strides abroad, with Essar establishing a massive $15 billion steel complex in Iowa. Notable companies such as Tata Motors and Reliance are also venturing into international markets across diverse sectors. However, the declining investments from mid-level Indian firms raise concerns about potential impacts on employment and economic growth at home. The ongoing debate is whether Globalisation 2.
Essar-backed Mesabi Metallics to set up $15-billion steel plant in US
Mesabi Metallics will use iron ore for the Iowa plant from its mine in Minnesota, which was recently operationalised. The company has invested nearly $3 billion in this iron ore mine at Nashwauk in the state, which is the first new mine in Minnesota in five decades. This combined $18 billion investment is the largest single-location investment for steel in the country.
New steel policy draft ready, to set 2047 road map: Secretary
The government is revisiting the current national steel policy 2017 to address major changes in the sector in the past decade including AI, machine learning, technology upgradation, decarbonisation and greater policy focus on sustainability.
India Inc's legal bill swells as global ambitions grow
As Indian companies expand overseas, a more fractious global geopolitical environment is exposing them to a wider web of sanctions, trade restrictions, data rules and regulatory regimes, making legal advice an increasingly key part of managing cross-border risk.
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From India to Iowa: Ruias return to steel with an ambitious $18 billion US bet
Ruias are planning a new steel venture in Iowa. This project involves a $15 billion steel plant, aiming to produce 10 million tonnes annually. Financing has already been secured for the Minnesota iron-ore mine, which is integral to the operation. The plant is expected to create about 1,750 permanent jobs alongside thousands of construction jobs.
School assembly news headlines September 30: Top India, international, sports and business updates
School assembly news headlines for September 30 cover major developments across India and the world, including political updates, flood concerns, global diplomatic developments, AI news and major achievements by Indian athletes. The bulletin also highlights key business developments, including pharmaceutical tariff exemptions, a legal challenge by Red Bull and Essar Group’s proposed US steel project.
India to soon release new steel policy, eyes 600 million tons capacity by 2047, secy says
India's government will soon unveil a new national steel policy aimed at boosting steel production. The production capacity is expected to reach 600 million metric tons by 2047. This policy will emphasize premium products and reducing imports to strengthen the domestic market. A separate policy on steel scrapping is also being discussed among various ministries.
Essar to invest $18 billion in US, build America's largest steel plant in Iowa
Essar Group, through its subsidiary Mesabi Metallics, plans to invest USD 18 billion for a steel plant in Iowa. The facility aims to produce 10 million tonnes of steel annually and will utilize iron ore from Minnesota. It is expected to create 6,000 construction jobs and 2,000 permanent employment opportunities. The investment is part of a broader focus on enhancing domestic manufacturing capabilities in the United States.
Vedanta unlikely to participate in rebidding of Essar Steel
Vedanta had submitted an Expression of Interest (EoI) for Essar Steel but did not bid for the bankrupt steel maker which owes over Rs 45,000 crore to its lenders.
Numetal buys key pipeline provider, gains edge in race for Essar Steel
The consortium that is believed to be spearheading the Ruia family’s bid to retain Essar Steel, is buying a majority stake in Orissa Slurry Pipeline India.
Essar Steel, Posco sign pact for supply of flat steel products
The quality of Essar Steel products is consistent with international products and hence many buyers prefer to have a long-term arrangements, sources say.
Essar Steel reports 47% growth in flat steel production
During Q4 ended March 31, 2017 (Q4FY17), Essar Steel recorded an increase of 25% in flat steel production at 1.5 million tonne, against 1.2 million in Q4FY16.
Essar's flat steel production up 58 per cent in Q2 FY17
At 81 KT (kilo tonnes), EStIL's PPGI (Pre Painted Galvanised Iron) production was up by 98 per cent as compared to 41 KT produced in the corresponding period last year, it said.
Essar Steel Minnesota hires debt restructuring advisers: Sources
Essar Steel has hired financial and legal advisers to help it restructure its debt, according to people familiar with the matter.
Essar Steel eyes $100 million revenue in first year via online marketplace
Essar Steel is also targetting 30% of Essar Hypermart's sales to come from the online marketplace, the company said in a statement.
Essar Steel Algoma posts Rs 1,047 crore operating profit in FY15
Essar Steel Algoma today reported an operating profit of Rs 1,047.42 crore (194.9 million Canadian dollar) for the year ended March 31, 2015, helped by shipment volumes and higher prices.
Essar Steel-Inox Air Products deal gets CCI green signal
Fair trade regulator CCI has cleared Essar Steel's proposed sale of a gas plant in Gujarat to Inox Air Products, owing to no adverse competition.
Essar Steel inks Rs 960 crore pact with Harsco to recover iron from slag
Ruias-promoted Essar Steel has inked a Rs 960 crore pact ($ 160 million) with Harsco India for recovering iron from slag.
Essar Steel raises Rs 2,600 crore for Odisha project
Essar Steel has raised about 2,600 crore in loan for its new project at Odisha that will integrate its steelmaking process and reduce steel production cost.
Essar Steel to commission pellet unit in Odisha
Buoyed by its Hazira complex becoming the country's largest single location flat steel maker with 10 mtpa capacity, Essar Steel is set to commission a pellet unit in a week in Odisha to pave the way for setting up of its proposed 6 mtpa integrated steel plant.
Essar Steel to double service centres
Essar Steel will almost double its service centres in India to make more customer-friendly steel that would increase sales in the fast-growing local market.
Essar Steel, Kobe Steel to manufacture steel sheets for auto
Essar Steel said it has inked a memorandum of understanding with Japan-based steel-maker Kobe Steel to manufacture advanced high-strength steel grade steel sheets used in automotive and other relevant applications.
Essar Steel to expand its retail chain in Kerala
Essar Steel will increase its retail distribution network, Hypermart and Expressmarts in Kerala.
Essar Steel to raise over $500 mn through long-term debt
Essar Steel Holdings will raise funds from overseas markets, possibly up to $500 million through long-term debt to refinance its existing borrowings, besides funding its capital expenditure and potential acquisitions.
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