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Sponge Iron maker <keyword id="90610" type="COMPANY" weightage="100" keywordseo="Monnet-Ispat">Monnet Ispat</keyword> and Energy was among the volume buzzers and jumped limit up 20 percent on news that it would divest a controlling stake in its power generation arm in a bid to cut debt. 
 Monnet Ispat surged 7.15 rupees to 42.90 rupees on the <keyword id="53581" type="CITY" weightage="100" keywordseo="NATIONAL-STOCK-EXCHANGE">National Stock Exchange</keyword>. The stock has fallen 72 percent over one year as it had a huge outstanding debt of 10,737 crore rupees at the end of March 2014 
 Monnet signed a pact with <keyword id="47954" type="COMPANY" weightage="100" keywordseo="JSW-Energy">JSW Energy</keyword> to sell its 1,050 MW power plant, still under construction, in Odisha. The thermal plant, under <keyword id="184171" type="ORGANIZATION" weightage="100" keywordseo="Monnet-Power-Company">Monnet Power Company</keyword>, is located in a coal-rich area and has 2 units each worth 525 megawatts. Shares of JSW Energy fell 0.6 percent to 98.75 rupees on the NSE, post the deal's announcement. 
 
(Image credits: coalscam)

It's up, up and away for Monnet Ispat

Energy sector major <keyword id="90610" type="COMPANY" weightage="20" keywordseo="Monnet-Ispat">Monnet Ispat</keyword> and Energy Limited (MIEL) has announced the exit of its director, <keyword id="2648025" type="UNKNOWN" weightage="20" keywordseo="Vikram-Deswal">Vikram Deswal</keyword>, from the company’s board. The company made the disclosure in its filing to National Stock Exchange (<keyword id="6354646" type="CITY" weightage="20" keywordseo="NSE">NSE</keyword>). 
	 “…Vikram Deswal, Director, has informed to the Company that his work and responsibilities in <keyword id="2648026" type="UNKNOWN" weightage="20" keywordseo="East-Bridge-Capital-Management-Ltd">East Bridge Capital Management Ltd</keyword>., Boston, USA where he is working, have grown significantly and he is unable to allocate appropriate time required for performing the duties as a Director in the Company and therefore, he relinquishes the office with immediate effect,” the company stated in its letter. 
	 
	Deswal was a non-executive director at MIEL since May 2012 and also served as a director at Monnet Group. He had co-founded the advisory firm, East Bridge Capital Management Ltd, with Shakeeb Amal and had formed its wholly-owned subsidiary, East Bridge Capital Onshore Fund in 2011. The company is based out of Boston and invests in Indian capital markets. 
	 
	Representational Image: Indiatimes.com

Vikram Deswal Exits Monnet Ispat Board

New Delhi, Feb 14 (PIT) Godawari Power and Ispat on Friday said its arm Ardent Steel has received green nod for augmenting the production capacity of its existing iron ore pelletisation plant. The approval will enable the company to increase the production of iron ore pellet by 15 per cent up to 6,90,000 TPA, it said. "The Ministry of Environment, Forest and Climate Change has accorded its environmental clearance to Ardent Steel (a subsidiary our company) for enhancement of production capacity of existing iron ore pelletisation plant from 6,00,000 TPA (tonnes per annum) to 6,90,000 TPA through process optimisation without any further capital expenditure for the same," the company said. The shares of Godawari Power and Ispat were trading at Rs 210.90 apiece on BSE, up 2.35 per cent from the previous close. SID ANSANS

Godawari Power gets green nod to augment production output of iron ore pelletisation plant

New Delhi, Jan 5 () The CBI has registered a fresh case in coal scam in connection with alleged irregularities in the allotment of Kilhoni block in Maharashtra to Nippon Denro Ispat Limited in 1998, officials said on Sunday.
 In its FIR, the agency has said the case of allocation of Kilhoni coal block to NDIL was discussed in the 13th meeting of Screening Committee on August 24, 1998 where clearance was given, the CBI FIR said.
 The committee also directed Coal Indian Limited to include Kilhoni block in the list of blocks to be offered for captive mining, it said.
 Kilhoni was not in the list of identified coal blocks for captive mining and the apex committee of CIL did not agree for allocation of this block to NDIL, it alleged.
 "The 12th Screening Committee had not agreed for allocation of Kilhoni Block, Maharashtra to NDIL even then 13th SC allocated it to NDIL even though the block was included in the list of blocks for captive mining," it alleged.
 After conducting a seven-year long preliminary enquiry into alleged irregularities in the allocation of coal blocks during the period 1993-2005 on the complaint of then Congress MP Sandeep Dikshit, the agency has registered the FIR against NDIL.
 "The...information discloses that Nippon Denro Ispat Ltd along with unidentified public servants in a criminal conspiracy cheated the Government of India and committed offences punishable under 120-B (criminal conspiracy) read with 420 (cheating) and...Prevention of Corruption Act," the FIR alleged. ABS SMN

CBI registers fresh case in coal scam pertaining to 1998 allotment of Kilhoni block

New Delhi, Jan 8 () Steel workers' body SWFI on Wednesday condemned the government's decision to divest equity shares of six PSUs, including MMTC, in Neelachal Ispat Nigam Ltd (NINL).
 The Cabinet on Wedesday approved divestment of some shares of MMTC, National Mineral Development Corporation (NMDC), Bharat Heavy Electrical Ltd (BHEL), Odisha Mining Corporation, Odisha Investment Corporation and MECON in Neelachal Ispat.
 "We strongly condemn the decision," Steel Workers Federation of India (SWFI) Working President P K Das said while reacting to the development.
 He said his organisation opposes sale of any public sector unit be it steel or any other sector.
 Referring to the stressed steel assets which had to undergo NCLT proceedings, he said it must to be noted that no private sector could run their steel plant well.
 "In private sector, Bhushan Steel plant was sold after becoming bankrupt. Adhunik Steel is closed. Today hundreds of steel plants are closed in private sector, but public sector PSUs including NMDC, RINL are doing well and government wants to sell which is doing well," he said and most of the "entities in private sector are sick, bankrupt or sold."
 He further said that SWFI workers will go on strike if the government considers a decision like today's with RINL and NMDC.
 The government must note one thing that there are no buyers in the market, no one wants to invest any amount due to the financial crunch in market.
 In his reaction, Jayanta Roy who is senior vice-president and group head (corporate sector ratings) at ICRA, said. " The proposed sale would have a number of attractions to the strategic investor in the form of a captive iron ore mine which is under development, and a locational advantage of being in Odisha and in proximity to ports. On the other hand, the company may benefit in terms of private sector efficiencies if an experienced player is brought in."
 NINL is a joint venture company, in which four central PSUs -- MMTC, National Mineral Development Corporation (NMDC), Bharat Heavy Electricals Ltd (BHEL) and MECON -- and two Odisha government companies IPICOL and Odisha Mining Corporation (OMC) are shareholders.
 MMTC holds 49.78 per cent share in NINL, followed by OMC (20.47 per cent), IPICOL (12 per cent), NMDC (10.10 per cent), while MECON and BHEL hold 0.68 per cent each. ABI MKJ

Steel workers' body SWFI opposes govt nod to sale of shares of PSUs in Neelachal Ispat

New Delhi, Jan 10 () NMDC Chairman and Managing Director N Brijendra Kumar on Friday said that the Union Cabinet has approved disinvestment of stake of six public sector units (PSUs) in Neelachal Ispat Nigam Ltd, and not that of NMDC. 
 Neelachal Ispat Nigam Ltd (NINL) is a joint venture company, in which four central PSUs -- MMTC, National Mineral Development Corporation (NMDC), Bharat Heavy Electricals Ltd (BHEL) and MECON -- and two Odisha government companies, IPICOL and Odisha Mining Corporation (OMC), are shareholders.
 The government on Wednesday gave in-principle approval for strategic sale of NINL by allowing six PSU shareholders to sell their stake in the steel company.
 "Still confusion is being created by some ppl regarding disinvestment in #NINL,a joint venture company of central and state PSUs in the State of Odhisha.The present decision is not for the disinvestment of @nmdclimited . I repeat No Disinvestment of #NMDC by the present decision," Kumar said in a tweet.
 Some people for their vested interest are spreading rumours on social media and in general public that NMDC is being disinvested which has created an atmosphere of confusion. NMDC is just a stakeholder in NINL, he told .
 Kumar said people must read the government's decision with regard to NINL and understand that the decision is not related to divestment of NMDC.
 MMTC holds 49.78 per cent share in NINL, followed by OMC (20.47 per cent), IPICOL (12 per cent), NMDC (10.10 per cent). MECON and BHEL hold 0.68 per cent stake each in the company. 
 The strategic buyer for NINL will be identified through a two-stage auction procedure, an official statement had said. ABI RVK

'Cabinet approved disinvestment of stake in NINL, not NMDC'

A high-ranked government official has said that the government is planning to issue notices to two companies, one being <keyword id="6440383" type="COMPANY" weightage="100" keywordseo="Essar-Power">Essar Power</keyword> for not paying its dues to Jharkhand government over the Tokisud North coal block; the other enterprise that would receive the notice is <keyword id="161385" type="COMPANY" weightage="100" keywordseo="Monnet-Ispat-Energy">Monnet Ispat &amp; Energy</keyword>, since it got late in paying upfront fees on a mine that it had won in an auction. 
 
Both companies will get a show-cause notice, asking them why their proportionate bank guarantees should not be forfeited by the government. 
 
Talking of Essar Power, mining lease for Tokisud coal block, the most expensive of those bids, was executed in its name but it is yet to pay the dues to Jharkhand. Earlier, the Tokisud coal block belonged to GVK Power, but the Supreme Court cancelled its permit. 
 
A spokesperson from Essar Power MP said that the initial amount of Rs 147 crore has been paid to the coal ministry while signing the agreement in March 2015, and two more instalments of upfront payments worth Rs 53 crore have also been paid. Once the company receives clarifications from the government, the third and final instalment of Rs 18 crore will be paid too. 
 
<a href="http://theindiantalks.com/wp-content/uploads/2015/02/an_open_cast_coal_mine.jpg">Image source</a>

Show-cause notices to Essar Power and Monnet Ispat over unpaid dues

New Delhi, Jan 13 () NMDC has informed the steel ministry about the confusion being created that the state-owned miner is being disinvested, a government official said.
Some people for their vested interest are spreading rumours on social media and in general public that NMDC is being disinvested, which has created an atmosphere of confusion, its Chairman N Brijendra Kumar said last Friday.
He also clarified that NMDC itself is just a stakeholder in Neelachal Ispat Nigam Ltd (NINL)
Last week, the government gave in-principle approval for strategic sale of NINL by allowing PSU shareholders to sell their stake in the steel company.
NMDC has apprised the steel ministry that confusion is being created and rumours are being spread over the issue, the official said, while assuring action against those who are misleading the public.
"Still confusion is being created by some ppl regarding disinvestment in #NINL, a joint venture company of central and state PSUs in the State of Odhisha. The present decision is not for the disinvestment of @nmdclimited . I repeat No Disinvestment of #NMDC by the present decision," Kumar said in a tweet.
He also said people must read the government's decision with regard to NINL and understand that the decision is not related to divestment of NMDC.
Neelachal Ispat Nigam Ltd (NINL) is a joint venture company, in which four central PSUs -- MMTC, National Mineral Development Corporation (NMDC), Bharat Heavy Electricals Ltd (BHEL) and MECON -- and two Odisha government companies, IPICOL and Odisha Mining Corporation (OMC), are shareholders.
MMTC holds 49.78 per cent share in NINL, followed by OMC (20.47 per cent), IPICOL (12 per cent), NMDC (10.10 per cent). MECON and BHEL hold 0.68 per cent stake each in the company.
The strategic buyer for NINL will be identified through a two-stage auction procedure, an official statement had said. ABI SID BAL
BAL

NMDC informs Steel Ministry about NMDC disinvestment rumours

New Delhi, Apr 15 () Union Steel Minister Dharmendra Pradhan on Wednesday said Steel Authority of India Ltd (SAIL) has set up a COVID-19 testing lab at its Rourkela Steel Plant (RSP) in Odisha. The lab, set up at RSP's Ispat General Hospital (IGH), became operational from Wednesday. "SAIL has started COVID-19 testing lab lab at Rourkela. It will strengthen the state's as well as India's fight against COVID-19 pandemic," Pradhan said. While all the major equipment for the testing facility have been provided by the Government of Odisha, the infrastructure has been provided by SAIL-RSP. SAIL stated that doctors and paramedics of IGH trained at RMRC and AIIMS in Bhubaneswar will carry out the testing. ABI HRS

COVID-19 testing begins at SAIL's Rourkela plant in Odisha: Pradhan

New Delhi, Feb 19 () The National Company Law Appellate Tribunal (NCLAT) has dismissed the insolvency plea filed by IFCI against ACCIL Hospitality, a corporate guarantor of debt-ridden steel products maker Asian Colour Coated Ispat. The tribunal observed that creditors of a debt-ridden company cannot file fresh insolvency plea against its corporate guarantor after collating the claims from principal borrowers as it would amount to "duplicity of claims being pressed". Public sector financial institution IFCI had filed petition to initiate insolvency proceedings against ACCIL Hospitality, which had extended a corporate guaranty for Asian Colour Coated Ispat Limited (ACCL) - a company currently under insolvency proceedings. A two-member bench headed by Chairperson Justice S J Mukhopadhaya also held that though the creditor may be faced with the prospect of taking a haircut, this could not be a ground to trigger a fresh resolution process against the Corporate Guarantor. "Once the Financial Creditor's claim has been collated and admitted by the IRP in its entirety, invoking of jurisdiction of the Adjudicating Authority at its instance for triggering a fresh Corporate Insolvency Resolution Process against the Corporate Guarantor would amount to duplicity of claims being pressed," said the NCLAT. ACCL was the principal borrower, which had defaulted in clearing its outstanding liability of loan facility of Rs 150 crore extended to it by the financial creditor and is going through insolvency process. The appellate tribunal upheld the orders of the New Delhi-based Principal Bench of the National Company Law Tribunal (NCLAT), which had on October 21, dismissed IFCI plea to initiate insolvency proceedings against ACCIL Hospitality. "This being a second application for same set of claim and arising out of the same default cannot be admitted against the 'Corporate Guarantor' while CIRP initiated against the 'Principal Borrower' is still subsisting," said NCLAT. According to NCLAT: "The fact that the Resolution Plan is yet to be approved by the NCLT and the Financial Creditor may be faced with the prospect of taking a haircut is no ground to trigger a fresh resolution process against the Corporate Guarantor". IFCI had contended that liability of ACCIL Hospitality was joint and coextensive with that of the Principal Borrower, ACCL and the mere filing of claim by the a financial creditor in the corporate insolvency resolution proceedings could not absolve the Corporate Guarantor of its contractual obligation of discharging the liability. Rejecting it NCLAT said:"There being no merit in the appeal same is dismissed." The lenders of ACCIL, a steel products manufacturing company, has approved Rs 1,500 crore bid by JSW Group, with 79.3 per cent of voting and approval from NCLT is pending. KRH KRH MRMR

NCLAT rejects IFCI plea, says can't seek fresh insolvency against guarantor

<keyword id="45609" type="DOMAIN" weightage="20" keywordseo="jsw-steel" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="jsw steel" meta.entityname="JSW Steel Ltd." meta.entityid="8352" meta.seoname="jsw-steel-ltd">JSW Steel</keyword> on Tuesday said its subsidiary, <keyword id="1708324" type="General" weightage="50" keywordseo="jsw-steel-coated-products" source="Orion">JSW Steel Coated Products</keyword>, has entered into an agreement to acquire 31 per cent stake in startup <keyword id="16229994" type="General" weightage="80" keywordseo="ayena" source="Orion">Ayena</keyword> Innovation in home furnishings and decor space for a cash consideration of Rs 5.99 crore. According to the statement released on Tuesday, this proposed investment is in line with endeavours of JSW Steel Coated Products Limited to explore new avenues to increase the consumption of coated steel products. The statement of the company also added this investment will enable JSWSCPL to further diversify its customer portfolio mix and enhancing its presence in the retail business. JSW Steel said the company through its wholly-owned subsidiary, JSWSCPL, proposes to acquire 31 per cent equity shareholding in Ayena. The company said in the statement shared with stock exchanges on Tuesday that the indicative time-period for the completion of the acquisition was 45 days from the execution date of the agreements. JSW Steel is an Indian multinational steel producer based in Mumbai and is a flagship company of the <keyword id="144036" type="General" weightage="50" keywordseo="jsw-group" source="Orion">JSW Group</keyword>. After the merger of <keyword id="13989344" type="DOMAIN" weightage="20" keywordseo="ispat" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="ispat" meta.entityname="Heera Ispat Ltd." meta.entityid="3987" meta.seoname="heera-ispat-ltd">ISPAT</keyword> Steel and Jindal <keyword id="16229995" type="General" weightage="50" keywordseo="vijayanagar-steel-limited" source="Orion">Vijayanagar Steel Limited</keyword>, JSW Steel became India's second-largest private-sector steel company. Founded in 2013, JSWSCPL claims to be the country's largest manufacturer and exporter of colour-coated steel products, and a wholly owned subsidiary of JSW Steel, according to the company's website. The statement also added that Ayena is a start-up registered by the Department for Promotion of Industry and Internal Trade and will be in the business of development, manufacturing, and sales of quick-to-install modular solutions including modular kitchens. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/maruti-suzukis-q3-net-profit-zooms-133-to-2351-crore-on-lower-input-costs/articleshow/97275909.cms">Maruti Suzuki’s Q3 net profit zooms 133% to ₹2,351 crore on lower input costs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/5g-network-can-be-misused-for-drug-trafficking-money-laundering-terror-financing-papers-submitted-at-dgps-meet/articleshow/97278524.cms">5G network can be misused for drug trafficking, money laundering, terror financing: Papers submitted at DGPs' meet</a>

JSW Steel arm enters into deal to buy 31% stake in startup Ayena

New Delhi, Apr 16 () To contain the spread of Covid-19, Steel Minister Dharmendra Pradhan has instructed state-run steel companies to ensure lockdown guidelines and social distancing are followed at their plants and townships. Pradhan, through a video conference with the chiefs of steel public sector undertakings (PSUs) also took stock of the situation at the plants and their mines, and reviewed the arrangements to deal with Covid-19 spread. "The minister in a review meeting with CMDs of all PSUs has instructed to ensure lockdown guidelines are followed, social distancing is maintained in steel plants and colonies. He also reviewed the ongoing activities of steel sector towards the fight against the pandemic," an official said.There are seven PSUs under control of Ministry of Steel. While Steel Authority of India Ltd (SAIL) and Rashtriya Ispat Nigam Ltd (RINL) are into steel making, NMDC and MOIL are mining companies of the ministry. KIOCL is pellet maker, MECON is a consultancy firm and MSTC is an e-commerce company. ABI ANSANS

Steel Minister instructs PSUs to ensure lockdown guidelines, social distancing at plants, townships

<keyword id="6358006" type="CITY" weightage="100" keywordseo="Andhra-Bank">Andhra Bank</keyword> and <keyword id="6358005" type="CITY" weightage="100" keywordseo="Allahabad-Bank">Allahabad Bank</keyword>, two of the <keyword id="488657" type="UNKNOWN" weightage="100" keywordseo="state-run-banks">state-run banks</keyword> in India, have put up nearly Rs 6,000 crore of bad loans for sale, given the rising pressure on lenders to clean their books of bad debts. Andhra Bank has decided to sell off more than 100 accounts with loans that add up to about Rs 4,000 crore of loans, Allahabad Bank on the other hand, wishes to sell off 73 accounts with outstanding loans that account for Rs 2,000 crore. The assets on sale also include Seven Hills Hospital, Visa Power, Visa Steel, L&amp;T Chennai Tada Toll Road, KS Oil, Transstroy India and its associate companies <keyword id="4613817" type="UNKNOWN" weightage="100" keywordseo="maheshwari-ispat">Maheshwari Ispat</keyword> and <keyword id="452891" type="ORGANIZATION" weightage="100" keywordseo="Abhijeet-Power">Abhijeet Power</keyword>, two senior executives told <a href="http://economictimes.indiatimes.com/industry/banking/finance/banking/andhra-bank-and-allahabad-bank-to-sell-worth-rs-6000-crore-of-bad-loans/articleshow/58991440.cms">ET</a>. Around two dozen asset reconstructions companies (ARC) will participate in the bid. This is the first time that commercial banks have decided to auction their bad loans, after the <keyword id="6354335" type="CITY" weightage="100" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> revised norms for sale of bad loans in the starting of this financial year. The new rules state that ARCs will have to pay at least half of the purchase price in cash while the balance can be paid in form of security receipts. Talking of the banks and their performance in FY 2016-17, while Andhra Bank reported a net profit of Rs 174 crore with gross bad loans of 12.2% of total loans (Rs 17,669 crore), Allahabad Bank reported a net loss of Rs 314 crore with gross bad loans of 13% (Rs 20,687 crore). (Image source YouTube)

Andhra Bank and Allahabad Bank willing to sell bad loans worth Rs 6,000 crore

New Delhi, May 4 () Tata Steel CEO and Managing Director T V Narendran has stepped down as President of the Indian Steel Association (ISA) months before the end of his term, according to the steelmaker. An ISA President is elected for two years and Narendran's tenure was to end in August this year.Confirming the development, a Tata Steel spokesperson said, "Tata Steel has withdrawn its membership from the Indian Steel Association (ISA) owing to various considerations. Accordingly, Mr T. V. Narendran, CEO &amp; MD, Tata Steel, has stepped down from his position as the incumbent President, ISA."An ISA official also confirmed the development but said the reason for his resignation is not known yet. Leading steelmakers such as JSW Steel Ltd, Steel Authority of India Ltd (SAIL), Rashtriya Ispat Nigam Ltd (RINL), Jindal Steel And Power Ltd (JSPL) and ArcelorMittal Nippon Steel Ltd are members of the ISA. Narendran is also a member of the Executive Committee of the global body World Steel Association (worldsteel). ABI Md MRMR

Tata Steel CEO T V  Narendran resigns as ISA President

New Delhi, May 5 () Tata Steel Ltd has withdrawn its membership from the Indian Steel Association (ISA), an apex steel industry body. Subsequent to it, the company's CEO and Managing Director (MD) T V Narendran has also stepped down from the Presidentship of the Association, tenure of which was scheduled to end in August. An ISA President is elected for a period of two years. Confirming the development, a Tata Steel spokesperson said, "Tata Steel has withdrawn its membership from the Indian Steel Association (ISA) owing to various considerations. "Accordingly, T V Narendran, CEO &amp; MD, Tata Steel, has stepped down from his position as the incumbent President, ISA." An ISA official also confirmed Narendran's resignation but said the reason for his sudden resignation is not known yet. Leading steelmakers such as JSW Steel Ltd, Steel Authority of India Ltd (SAIL), Rashtriya Ispat Nigam Ltd (RINL), Jindal Steel And Power Ltd (JSPL) and ArcelorMittal Nippon Steel Ltd are members of the ISA. Narendran is also a member of the Executive Committee of the global body World Steel Association (worldsteel). ABI DRRDRR

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It's up, up and away for Monnet Ispat

Shailendra Bhatnagar

Vikram Deswal Exits Monnet Ispat Board

Purba Das