Billionaire Kumar Mangalam Birla‘s Hindalco Industries is considering seeking about $1.2 billion in a planned IPO of US aluminium products maker Novelis, people familiar with the matter said, in what could be one of the year’s biggest share sales. Hindalco may target a valuation of about $18 billion for Atlanta-based Novelis, the people said. The … Read more
The Enforcement Directorate (ED) has attached assets worth ₹367 crore in the money laundering case involving Bhushan Steel Limited and others. The immovable properties are located in Delhi, Mumbai, Kolkata, and Odisha. On Friday, the agency said the attached properties were held in the name of “benamidars” and shell entities through dummy directors. It is … Read more
Union steel minister Jyotiraditya Scindia said India becoming a net importer of steel between April and November this fiscal year is not a concern for the government, terming the imports a drop in the ocean of total steel consumption in the country. “Indian steel production has gone up by 12.9% y-o-y (year-on-year). So, more steel … Read more
The move comes as Europe and the United States scramble to wean themselves off rare earths from China. File. China, the world’s top processor of rare earths, on December 21 banned the export of technology to extract and separate the strategic metals, as it overhauled a list of technologies deemed key to national security. The … Read more
Tinplate, a Tata Steel subsidiary has started work on a significant capacity expansion. At it’s existing Jamshedpur plant, it has kicked off a Rs 2,000 crore expansion project. It would add 3,00,000 tonnes to it’s current capacity of 4,15,000 tonnes i.e., an increase of >70%. The project is estimated to take 3 years to complete … Read more
Vedanta has approved the sale of it’s international Zinc assets in South Africa and Namibia to it’s subsidiary Hindustan Zinc (HZL). The transaction is valued at $2.98 bn (approx Rs 25,000 cr) It’s an all-cash deal, which would be completed in a phased manner over 18 months Valuations are estimated at 14.9x FY 24 EV/EBITDA. … Read more
In line with the recent speculations, Board of Adani Enterprises (AE) has approved raising of further equity from public (FPO) aggregating up to Rs 20,000 crore. Proposal is subject to the existing shareholders’ approval which should not be a challenge given it’s shareholding structure – at September 2022 end, promoters held 72.62%, FIIs 19.12%, DIIs … Read more