Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

POSCO and the <keyword id="6367820" type="General" weightage="20" keywordseo="adani-group" source="Orion">Adani Group</keyword> have agreed to explore business cooperation opportunities, including the establishment of a green, environment-friendly Integrated Steel Mill at Mundra, Gujarat, as well as other businesses. The investment is estimated to be up to USD 5 billion. The non-binding MoU signed between POSCO and Adani intends to further collaborate at the group business level in various industries such as renewable energy, hydrogen, and logistics in response to carbon reduction requirements. Both parties are examining various options to cooperate and leverage the technical, financial, and operational strengths of each company. The collaboration includes evaluating a joint Integrated Steel Mill at Mundra, Gujarat, based on POSCO's state-of-the-art technology and cutting-edge R&amp;D capability. POSCO and Adani intend to utilize renewable energy resources and green hydrogen, in line with both partners' ESG commitments to sustainability and energy efficiency. Jeong-woo Choi, the CEO of POSCO, said, "POSCO and Adani are able to come to great synergy in the steel and environment-friendly business with POSCO's state-of-the-art technology in steel making and Adani's expertise in energy and infrastructure. I hope this cooperation will be a good and sustainable business cooperation model between India and South Korea." The Adani Group, founded in 1988, is the largest and fastest-growing portfolio of diversified businesses in India with interests in Logistics (seaports, airports, shipping and rail), Resources, Power Generation and Distribution, Renewable Energy, Gas and Infrastructure, and other sectors. Adani has recently announced a massive investment plan to become the world's largest renewable energy company and produce green hydrogen in the future. Gautam Adani, Chairman of the Adani Group, said, "We are very pleased to announce the partnership with POSCO, the world's most efficient and advanced steel manufacturer, in steel production and carbon reduction. This partnership will contribute to the growth of India's manufacturing industry and the Aatmanirbhar Bharat scheme championed by the Government of India. It will also help to strengthen nIndia's standing in green businesses." POSCO runs POSCO-Maharashtra, a 1.8-million-ton cold-rolled and galvanized mill regarded as the most advanced automotive steel supplier in India, and four processing centres in Pune, Delhi, Chennai and Ahmedabad. It is anticipated that this business cooperation between POSCO and Adani will bring dominant partnership synergy in the Indian steel industry. POSCO and Adani have also signed a MoU with the Government of Gujarat for support and cooperation from the Government for the collaboration. SEE ALSO <a href="https://www.businessinsider.in/business/corporates/news/zomato-offers-12-lakh-insurance-grant-to-family-of-delivery-executive-killed-in-a-road-accident/articleshow/88874578.cms" data-type="tilCustomLink">Zomato employees will contribute ₹12 lakh to the family of delivery partner who was killed in a road accident</a> <a href="https://www.businessinsider.in/business/startups/news/swiggy-will-deliver-stuff-on-tvs-motors-electric-scooters-following-footsteps-of-zomato-amazon-and-flipkart/articleshow/88872404.cms" data-type="tilCustomLink">Swiggy will deliver stuff on TVS Motors’ electric scooters</a> <a href="https://www.businessinsider.in/tech/enterprise/news/tcs-vs-infosys-vs-wipro-how-indias-three-it-giants-stack-up-against-each-other/slidelist/88860676.cms" data-type="tilCustomLink">TCS vs Infosys vs Wipro Q3 results – here’s how India’s three IT giants stack up against each other</a>

South Korea's POSCO and Adani will spend $5 billion to set up an integrated steel mill together

<ul class="summary-list"><li>Indian billionaires are leading losses on the Bloomberg Billionaires Index so far this year.</li><li>That's on the back of a massive selloff in Adani Group's listed businesses and the broader Indian market.</li></ul>India's billionaires are not having a great 2023 so far. A massive selloff in the listed companies of the Gautam Adani — India's richest man — following a shocking short-seller report, is spilling over into the country's markets.Adani Group's listed companies have lost <a href="https://www.bloomberg.com/news/articles/2023-01-30/most-adani-stocks-drop-as-rebuttal-draws-hindenburg-response" target="_blank" rel="noopener">more than $68 billion</a> in market capitalization since Hindenburg Research, a US short seller, released a scathing <a href="https://hindenburgresearch.com/adani/" target="_blank" rel="noopener nofollow">report</a> last Tuesday alleging "brazen stock manipulation and accounting fraud scheme" at the <a href="https://markets.businessinsider.com/news/stocks/gautam-adani-hindenburg-allegations-net-worth-crash-2023-1">Adani Group.</a> Adani Enterprises, the conglomerate's flagship has lost over 25% in market value this year alone.The rout has pummeled Adani's net worth, which is down $36.1 billion this year so far — propelling him into the spot of top loser on the <a href="https://www.bloomberg.com/billionaires/" target="_blank" rel="noopener">Bloomberg Billionaires Index.</a> The Indian industrialist has also fallen off the list of the top 10 wealthiest people and is now the world's 11th richest person — slipping from the fourth position just last week.The Adani Group has been <a href="https://markets.businessinsider.com/news/stocks/gautam-adani-net-worth-billionaire-world-richest-list-hindenburg-shortseller-2023-1">defending itself vigorously,</a> but Hindenburg's also doubling down on it's initial report.Adani is still the world's richest Asian, but his wealth wipeout shows the extent of losses in the Indian markets — which has spilled over to his fellow billionaires.Trailing Adani on the Bloomberg Billionaires Index are fellow Indian billionaires <a href="https://www.businessinsider.com/how-rich-mukesh-ambanis-india-2020-1">Mukesh Ambani</a>, <a href="https://www.forbes.com/profile/radhakishan-damani/?sh=3b6dc90440de">Radhakishan Damani</a>, and <a href="https://www.forbes.com/profile/savitri-jindal/?sh=3ae4a453dc37">Savitri Jindal</a>, who have lost about $5 billion, $2 billion, and $1 billion so far this year. Their net worth is down on the back of falling share prices in the companies they hold large stakes in.Ambani is the chairman and majority shareholder of Reliance Industries, a conglomerate, while Damani is the founder of Avenue Supermarts. The stock of both companies have posted losses this year so far.Share prices of most of Jindal's companies in her steel and power conglomerate are also down this year.The drama surrounding the Adani Group has hit overall market sentiment in the South Asian market — India's benchmark index, the <a href="https://markets.businessinsider.com/index/sensex">Sensex,</a> is down over 2% so far this year."Allegations of fraud at one of India's most valuable conglomerates, the Adani Group, have hastened the decline we expected in Indian equities as foreign investors rebalance their portfolios on <a href="https://www.businessinsider.com/stock-market-china-trade-investing-strategy-zero-covid-reopening-recession-2023-1">China's reopening,</a>" Shumita Deveshwar, the chief economist for India at macroeconomic consultancy TS Lombard, wrote in a Monday note seen by Insider.Investors are bound to intensify their scrutiny of Indian stocks, Deveshwar added, but the country's corporate governance metrics rank better than most emerging markets including Saudi Arabia, China, and Brazil, according to a November 2022 report from TS Lombard.

It's been a very bad month for Indian billionaires &mdash; four of the richest Indians have collectively lost about $45 billion in 2023

New Delhi, Feb 23 () Companies including Tata Steel, JSW Steel and Adani Power among others have requested the government to ensure that the blocks proposed to be auctioned for commercial coal mining should have prior-environmental clearance, so that issues like 'inviolate areas' does not crop up during the development of these blocks. Inviolate areas are sights of significance for conservation of biodiversity (flora and fauna) and forest types that are unique and ecologically important. In the stakeholders' meeting held last month to discuss methodology for commercial coal mining, the participants made some general observations and requested that "the mines may be cleared from the environmental angle so that issues like safety zones, inviolate areas may not crop up later during development of mines," a source said. Some prominent players who participated in the meeting were Tata Steel, JSW Steel, Adani Power, JSPL, Hindalco and GMR Power among others. During the meeting, the stakeholders also requested that sufficient large mines should be earmarked for the industry, instead of numerous small mines, the source said. The participants were also of the view that the "terms and conditions are liberal and conform to the government's intentions of opening up the Indian coal sector," the source added. The government had called meetings with various stakeholders to discuss the draft methodology as well as key bidding terms and conditions for auction of coal mines for commercial mining. Earlier, the government had said that it is initiating the process of coal auctions and the first round of sale of blocks under commercial mining is proposed to be launched in the ongoing fiscal. The announcement came days after the government approved an ordinance to ease coal mining laws that will see more local and global players enter the Indian coal sector. A company or a joint venture company incorporated in India is eligible to participate in commercial coal auctions, the coal ministry had said. "Moving ahead after the recent amendments in MMDR Act 1957 and the CMSP Act 2015, the Ministry of Coal is initiating the process for auction of coal mines for sale of coal. Expected to be held in multiple tranches, the first tranche is proposed to be launched in the current financial year," the government had said. The bidders would be required to bid for a percentage share of revenue payable to the government. The floor price shall be four per cent of the revenue share, the coal ministry notice had said. The government has released a list of 74 mines which it plans to auction under commercial mining. The ministry had said it has urged interested stakeholders to view the discussion paper and the mine specific details and submit their views/ suggestions, indicating their preferences for the mines to be considered for auction under the first tranche. SID DRR

Blocks for commercial coal mining should be pre-cleared from environmental angle: Cos tell Govt

Business scenario is constantly changing all over the world and equally fast in India. If you are interested to know who rules the entrepreneurial domain in India, here are the top 10 businessmen in India. 1. <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> 
 
 
 <div type="image" title="Mumbai: Reliance Industries Chairman Mukesh Ambani with his wife Nita Ambani at ..." msid="69547985" hostid="261" caption="&amp;lt;p&amp;gt;Reliance Industries Chairman Mukesh Ambani with his wife Nita Ambani at the solo art exhibition titled &amp;quot;A Tale Untold&amp;quot;, in Mumbai on Tuesday, August 21, 2018.Photo)&amp;lt;/p&amp;gt;"></div>






 Ruling the petrochemicals, oil and gas sector in India, Mukesh Ambani has a net worth of $47.3 B. He is the chairman of $90 B enterprise in the giant of Oil and Gas domain called as Reliance Industries. Reliance also is one of the leaders in the telecom market in India that serves more than 300 million customers with free domestic calls, cheap data services and free smartphones. 2. <keyword id="6419840" type="PERSON" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword> 
 
 
 <div type="image" title="download" msid="69548031" hostid="261" caption="&amp;lt;p&amp;gt;Reuters&amp;lt;/p&amp;gt;"></div>







 Azim Premji’s net worth is $21 B and he is one of the leaders in the software services in India. He is a popular tech magnet in the country. His outsourcing firm Wipro is the third largest in India. His innovation center in Silicon Valley develops new technologies and collaborates with startup businesses. 3. Lakshmi Mittal 
 
 
 <div type="image" title="download (1)" msid="69548101" hostid="261" caption="&amp;lt;p&amp;gt;Reuters&amp;lt;/p&amp;gt;"></div>







 The third richest man in India, Lakshmi Mittal has a net worth of $18.3 B. He is a leader in the steel industry in India. He is the CEO of the world’s biggest steel manufacturing company Arcelor Mittal. In November 2018, his firm completed the $2.1 billion acquisition of Ilva, Italy’s steel group. 4. Hinduja brothers 
 
 
 <div type="image" title="_5e022836-dd42-11e8-b6b1-54a396001ae0" msid="69548186" hostid="261" caption="&amp;lt;p&amp;gt;Reuters&amp;lt;/p&amp;gt;"></div>







 Hinduja brothers, the fourth richest persons in India with a net worth of $18 B own establishments with diversified interests dealing with lubricants, banking and cabling industries. 5. <keyword id="6689214" type="PERSON" weightage="20" keywordseo="pallonji-mistry">Pallonji Mistry</keyword> 
 
 
 <div type="image" title="app-mistry" msid="69548215" hostid="261" caption="&amp;lt;p&amp;gt;Independence.uk&amp;lt;/p&amp;gt;"></div>







 Pallonji Mistry is the fifth richest businessman in India with a net worth of $15.7 B. he controls Shapoorji Pallonji Group, the construction company based in Mumbai. His family also own an 18.4% stake in Tata Sons that holds an outfit of $100 billion in Tata Group. 6. Shiv Nadar 
 
 
 <div type="image" title="shiv_660_091415025956" msid="69548248" hostid="261" caption="&amp;lt;p&amp;gt;Reuters&amp;lt;/p&amp;gt;"></div>







 With a net worth of $14.6 B, Shiv Nadar is the sixth richest entrepreneur in India. A pioneer in the IT sector of India, Shiv Nadar is the cofounder of the HCL starting initially with the production of calculators and microprocessors. Today, HCL Technologies is an $8.2 billion company in the country. 7. <keyword id="2349569" type="PERSON" weightage="20" keywordseo="Godrej-family">Godrej family</keyword> 
 
 
 <div type="image" title="Godrej-family-770x433" msid="69548285" hostid="261" caption="&amp;lt;p&amp;gt;Reuters&amp;lt;/p&amp;gt;"></div>







 The seventh place among the richest businessmen in India goes to Godrej family. With a net worth of $14 B, the Godrej family controls the <keyword id="133008" type="COMPANY" weightage="20" keywordseo="Godrej-group">Godrej Group</keyword> which is a giant player in the consumer goods segment in India. 8. Dilip Shanghvi 
 
 
 <div type="image" title="dilip-shanghvi_660_012815022205_022015015012" msid="69548312" hostid="261" caption="&amp;lt;p&amp;gt;&amp;lt;sup&amp;gt;Reuters&amp;lt;/sup&amp;gt;&amp;lt;/p&amp;gt;"></div>







 The net worth of Dilip Shanghvi is $12.6 B. A leading player in the pharmaceuticals industry, Dilip Shanghvi chairs the India’s largest pharmaceutical establishment and the world’s fourth largest specialty drugs manufacturing company Sun Pharmaceutical Industries. 9. Kumar Birla 
 
 
 <div type="image" title="download (2)" msid="69548329" hostid="261" caption="&amp;lt;p&amp;gt;Reuters&amp;lt;/p&amp;gt;"></div>







 Kumar Birla with a net worth of $12.5 B is the head of Aditya Birla Group dealing with diversified offerings namely cement, aluminium, telecom and financial services. In 2018, his firm Idea Cellular acquired Vodafone India, India’s largest telecom firm. 10. Gautam Adani 
 
 
 <div type="image" title="file6v90xlirczp4v4hn7p5-1543839739" msid="69548350" hostid="261" caption="&amp;lt;p&amp;gt;Reuters&amp;lt;/p&amp;gt;"></div>







 With a net worth of $11.9 B, Gautam Adani is the tenth richest businessman in India. Dealing with commodities, power generation and transmission and infrastructure, Gautam Adani is a ports Tycoon who controls Mundra Port, the largest port of India in Gujarat. 
 See also: <a href="https://www.businessinsider.in/the-top-10-richest-person-in-india/articleshow/68352802.cms">Meet the top 10 richest people in India</a> <a href="https://www.businessinsider.in/These-are-the-10-richest-people-in-India/articleshow/65957318.cms">These are the 10 richest people in India</a>

Meet India's top 10 Businessmen in 2019

The Centre has restored the status quo as was prevailing prior to May 22 and withdrawn the <keyword id="139959" type="General" weightage="20" keywordseo="export-duty" source="Orion">export duty</keyword> on iron ores lumps and fines below 58 Fe content, iron ore pellets and the specified steel products, including pig iron. The import duty concessions on Anthracite/PCI coal, coking coal, coke and semi coke and ferronickel have also been withdrawn. Officials said that the current measures will provide a fillip to the domestic steel industry and boost exports. With effect from Saturday, exports of iron ore lumps and fines with less than 58 per cent Fe will attract nil export duty and with more than 58 per cent Fe will attract lower export duty of 30 per cent. Similarly, exports of iron ore pellets will attract nil export duty and exports of pig iron and steel products classified under HS 7201, 7208, 7209, 7210, 7213, 7214, 7219, 7222 and 7227 will attract nil export duty. In May, in the wake of a sharp and steady rise in prices of steel and in order to augment the availability of both finished steel as well as raw materials or intermediates required for steel manufacture, the government took several tariff measures earlier this year. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/india-on-course-to-become-worlds-second-largest-economy-by-2050-says-gautam-adani/articleshow/95622223.cms">India on course to become world’s second largest economy by 2050, says Gautam Adani</a> <a href="https://www.businessinsider.in/entertainment/article/festive-releases-fail-at-the-box-office-but-theatres-pin-hopes-on-big-ticket-releases-to-return-to-pre-covid-glory/articleshow/95608276.cms">Festive releases fail at the box-office, but theatres pin hopes on big-ticket releases to return to pre-Covid glory</a> <a href="https://www.businessinsider.in/stock-market/news/all-is-not-that-well-say-market-experts-even-as-stocks-chase-new-highs/articleshow/95599973.cms">‘All is not that well’, say market experts even as stocks chase new highs</a>

Government withdraws export duty on steel

The collapse of Evergrande, one of China’s largest home developers, is “not a Lehman moment” but the fear may haunt steel and metal stocks in India

<ul><li>The SGX Nifty was trading 0.18% lower at 7:47 am, indicating a tepid opening for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amidst negative cues from the global markets, the Indian equities are likely to open flat on Wednesday. The SGX Nifty was trading 0.18% lower at 7:47 am, indicating a tepid opening for Nifty50. The US stock markets closed lower as concerns about the economic impact of surging coronavirus cases and bleak stimulus outlook sent shares tumbling. The Dow Jones Industrial Average closed 0.80% lower. And, the S&amp;P 500 fell 0.30% on Tuesday. These are the stocks to watch out for during the trading session on October 28: Hero Motocorp The country’s largest two-wheeler maker, Hero MotoCorp and US bike maker Harley-Davidson have signed a <a href="https://www.businessinsider.in/business/auto/news/hero-motocorp-partners-with-harley-davidson-to-sell-harley-bikes-in-india/articleshow/78892210.cms?upcache=2">distribution agreement for the Indian market</a>. Hero Moto will sell and service Harley-Davidson motorcycles and sell parts and accessories and general merchandise riding gear and apparel through a network of brand-exclusive Harley-Davidson dealers and Hero’s existing dealership network in India. Hero Moto will also <a href="https://www.businessinsider.in/business/auto/news/hero-motocorp-sold-more-bikes-in-second-quarter-and-that-will-aid-revenue-growth-but-profit-may-remain-under-pressure/articleshow/78892776.cms">report</a> its second-quarter earnings today. The shares of Hero Motocorp ended 0.6% higher on Tuesday. Tata Motors Tata Motors reported a consolidated net loss of ₹307.26 crore for the second quarter ended September 30. The company’s total revenue from operations declined to ₹53,530 crore in the quarter under review. However, its luxury car subsidiary Jaguar Land Rover (JLR), <a href="https://www.businessinsider.in/business/auto/news/tata-motors-loss-widens-to-307-crore-in-the-second-quarter-despite-jlr-returning-to-profit/articleshow/78891836.cms">returned to profit </a>with significant positive cash flow in the quarter. The shares of Tata Motors ended 2.21% higher on Tuesday. Airtel The telecom giant, <a href="https://www.businessinsider.in/business/telecom/news/airtel-beats-analyst-expectations-reports-record-quarterly-revenue-arpu-rises-to-162/articleshow/78891875.cms">Bharti Airtel reported its highest-ever quarterly consolidated revenue</a> on the back of a rise in data usage and higher realisations, helping it narrow losses in the July-September quarter. Consolidated revenue rose 22% to ₹25,785 crore in the September quarter while net loss narrowed to ₹763 crore. The shares of Airtel ended 0.17% higher on Tuesday. ICICI Bank The private lender bank ICICI Bank <a href="https://www.livemint.com/companies/news/no-us-sec-action-against-us-says-icici-11603848919125.html">said the US Securities and Exchange </a>Commission (SEC) does not intend to take any enforcement action against the bank related to its investigation into the lender’s loan impairment provisions under the US generally accepted accounting principles (GAAP). The shares of ICICI Bank ended 1.45% higher on Tuesday. JSW Steel JSW Steel informed investors that it had completed the acquisition of Asian Colour Coated Ispat through its wholly-owned subsidiary JSW Steel Coated Products Limited. The shares of JSW Steel ended 0.24% higher on Tuesday. Adani Gas The board of Adani Gas will meet on November 3 to consider raising up to $400 million through foreign currency bonds. The shares of Adani Gas ended 2.25% higher on Tuesday. Cochin Shipyard Cochin Shipyard has inked a pact with Italy’s Fincantieri for cooperation in areas like shipbuilding and ship repair. Fincantieri is one of the world’s largest shipbuilding groups and a leader in diversification and innovation with over 230 years of history and more than 7,000 vessels built, operating 18 shipyards in four continents. The shares of Cochin Shipyard ended 0.61% lower on Tuesday. L&amp;T, Axis Bank, Marico, Titan and Dr Reddy’s L&amp;T, <a href="https://www.businessinsider.in/finance/banks/news/axis-bank-q2-earnings-indias-third-largest-private-lender-to-see-slower-loan-growth-and-collections/articleshow/78894218.cms">Axis Bank</a>, Marico, Titan and Dr Reddy’s, among others are slated to report their second-quarter earnings today. SEE ALSO:<a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-is-looking-to-expand-operations-in-canada-if-h-1b-visa-issues-persist/articleshow/78884838.cms" data-type="tilCustomLink"> EXCLUSIVE: HCL Tech is expanding operations in Canada as H-1B visa issues persist</a> <a href="https://www.businessinsider.in/business/news/bezos-vs-ambani-battle-eight-questions-regarding-amazons-disclosures-of-future-deal-will-be-in-the-spotlight/articleshow/78883583.cms" data-type="tilCustomLink">Bezos vs Ambani battle: Eight questions regarding Amazon's disclosures of Future deal will be in the spotlight</a> <a href="https://www.businessinsider.in/education/news/how-to-register-for-neet-counselling-2020-online/articleshow/78884869.cms" data-type="tilCustomLink">NEET counselling 2020 registrations begin today: Here’s all you need to know</a>

You Searched For "adani steel" and got 7 results

South Korea's POSCO and Adani will spend $5 billion to set up an integrated steel mill together

IANS

It's been a very bad month for Indian billionaires four of the richest Indians have collectively lost about $45 billion in 2023

Huileng Tan

Blocks for commercial coal mining should be pre-cleared from environmental angle: Cos tell Govt

PTI

Meet India's top 10 Businessmen in 2019

BI India Bureau

Government withdraws export duty on steel

IANS

The collapse of Evergrande, one of China’s largest home developers, is “not a Lehman moment” but the fear may haunt steel and metal stocks in India

Bhakti Makwana

Top stocks to watch — Hero Moto, Airtel, Tata Motors, ICICI Bank, Adani Gas, Marico, Titan, Dr Reddy’s and others

Navdeep Yadav

Popular Keywords

Buying Guides