Thursday, 03 Nov 2011
JSW ISPAT Steel Ltd has informed BSE that:
1. Mr M Sankaranarayan has resigned as director of the company with effect from October 4th 2011, consequent upon withdrawal of his nomination by UTI.
2. Ms Manju Jain ceases to be a director of the company with effect from October 10th 2011, consequent upon withdrawal of her nomination by IFCI Ltd
Showing posts with label IFCI. Show all posts
Showing posts with label IFCI. Show all posts
Thursday, November 3, 2011
Thursday, January 27, 2011
Sesa Goa secures stay order against Bellary sell off
Thursday, 27 Jan 2011
Press Trust of India reported that Vedanta Group firm Sesa Goa has secured a stay order from the Delhi High Court against the decision taken by Industrial Financial Corporation of India on Bellary Steel sell off in which JSW Steel was declared the highest bidder.
According to the Delhi High Court website, next hearing has been scheduled on February 22 on the matter.
Mr PK Mukherjee MD of Sesa Goa told PTI “Our dispute is against the process followed by IFCI in the bidding. We have already taken up the matter with the Delhi High Court, which stayed the sale (order) last week.”
He told “Our dispute is with the process. We were the only qualified bidder initially and declared successful bidder verbally. Our people were told to come after lunch to collect the allotment letter. When we came back after lunch, we were told that there is another bidder and that bid is only marginally higher than our price.”
He added that “The stay order came after we filed a petition and next hearing will be in mid February.”
Mr Mukherjee while clarifying that Sesa Goa does not have any issues against JSW Steel said “We have no problems with JSW at all... Our dispute is with the process, which IFCI followed.”
Last month, a consortium of lenders led by IFCI had declared JSW Steel as the highest bidder for acquiring the assets of Bellary Steel and Alloys, where Sesa Goa was the only other qualified contender. While Sesa Goa's bid was at INR 206 crore, slightly more than the reserve price of INR 205.63 crore, JSW quoted INR 210 crore.
(Sourced from PTI)
Press Trust of India reported that Vedanta Group firm Sesa Goa has secured a stay order from the Delhi High Court against the decision taken by Industrial Financial Corporation of India on Bellary Steel sell off in which JSW Steel was declared the highest bidder.
According to the Delhi High Court website, next hearing has been scheduled on February 22 on the matter.
Mr PK Mukherjee MD of Sesa Goa told PTI “Our dispute is against the process followed by IFCI in the bidding. We have already taken up the matter with the Delhi High Court, which stayed the sale (order) last week.”
He told “Our dispute is with the process. We were the only qualified bidder initially and declared successful bidder verbally. Our people were told to come after lunch to collect the allotment letter. When we came back after lunch, we were told that there is another bidder and that bid is only marginally higher than our price.”
He added that “The stay order came after we filed a petition and next hearing will be in mid February.”
Mr Mukherjee while clarifying that Sesa Goa does not have any issues against JSW Steel said “We have no problems with JSW at all... Our dispute is with the process, which IFCI followed.”
Last month, a consortium of lenders led by IFCI had declared JSW Steel as the highest bidder for acquiring the assets of Bellary Steel and Alloys, where Sesa Goa was the only other qualified contender. While Sesa Goa's bid was at INR 206 crore, slightly more than the reserve price of INR 205.63 crore, JSW quoted INR 210 crore.
(Sourced from PTI)
Monday, January 17, 2011
JSW Steel Acquires Bellary Steel and Alloys' Assets For Rs 210 Cr
By Deeshesh Chheda January 17,2011 - 06:09 PM
JSW Steel Limited has bought Bellary Steel & Alloys's assets for Rs.210 Cr from consortium of lenders led by project lender IFCI.
The assets which include Bellary Steel's land, buildings and branded machinery, would compliment JSW's 7 MT steel plant in the Bellary-Hospet region.
Bellary Steel has a half constructed steel plant with a capacity of 0.5 MT.
JSW Steel's bid was higher than the bid placed by Sesa Goa at Rs.206 Cr.
Transaction Reference:
Transaction Note
Bellary Steel had planned to set up an integrated steel plant, with 0.5 MT p.a. capacity and a provision of taking it to 2 MT, at Bellary in Karnataka.
However, BSAL, whose biggest asset is 700 acre freehold land, could not complete the project and ran into debt.
The consortium of lenders led by IFCI decided to sell the assets of the company under the Securitisation & Reconstruction of Financial Assets & Enforcement of Security Interest Act (SARFAESI), which empowers banks or financial institutions to recover non-performing assets.
Bellary Steel's sales were down by 20.83% from Rs.40.13 Cr in 2008-09 as compared to Rs.50.44 Cr.
The Company has incurred a loss after tax of Rs. 143.61 Cr during 2008-09 as compared toa loss of Rs. 115.57 Cr for the previous year.
It's accumulated loss up to the year ended March 2009 is Rs.802.92 Cr as compared to Rs.659.31 Cr for the previous year.
In December, JSW Steel bought a controlling stake in smaller loss-making rival Ispat Industries for $476 million.
With Ispat, JSW will become India’s largest steel maker by March 2011, when its Vijayanagar plant commissions an additional three MT, taking its total capacity to 14.3 MT. The company had planned a target of 34 MT by 2020.
JSW Steel that operates a 6.8 mtpa steel plant at Toranagallu in Bellary district of Karnataka, has sought 1,100 acres of land more from the Karnataka government to expand its steel mill capacity.
At present, JSW Steel owns 3,700 acres in Toranagallu with the capacity of the plant to reach at 10 mtpa by March 2011. JSW buys iron ore from private mine owners near its plant and the new railway line will be used to transport ore to its steel plant.
JSW Steel manufactures flat and long products such as HR coils, CR coils, galvanised products, auto grade/white goods grade CRCA steel, bars and rods.
Source: www.dealcurry.com
JSW Steel Limited has bought Bellary Steel & Alloys's assets for Rs.210 Cr from consortium of lenders led by project lender IFCI.
The assets which include Bellary Steel's land, buildings and branded machinery, would compliment JSW's 7 MT steel plant in the Bellary-Hospet region.
Bellary Steel has a half constructed steel plant with a capacity of 0.5 MT.
JSW Steel's bid was higher than the bid placed by Sesa Goa at Rs.206 Cr.
Transaction Reference:
Transaction Note
Bellary Steel had planned to set up an integrated steel plant, with 0.5 MT p.a. capacity and a provision of taking it to 2 MT, at Bellary in Karnataka.
However, BSAL, whose biggest asset is 700 acre freehold land, could not complete the project and ran into debt.
The consortium of lenders led by IFCI decided to sell the assets of the company under the Securitisation & Reconstruction of Financial Assets & Enforcement of Security Interest Act (SARFAESI), which empowers banks or financial institutions to recover non-performing assets.
Bellary Steel's sales were down by 20.83% from Rs.40.13 Cr in 2008-09 as compared to Rs.50.44 Cr.
The Company has incurred a loss after tax of Rs. 143.61 Cr during 2008-09 as compared toa loss of Rs. 115.57 Cr for the previous year.
It's accumulated loss up to the year ended March 2009 is Rs.802.92 Cr as compared to Rs.659.31 Cr for the previous year.
In December, JSW Steel bought a controlling stake in smaller loss-making rival Ispat Industries for $476 million.
With Ispat, JSW will become India’s largest steel maker by March 2011, when its Vijayanagar plant commissions an additional three MT, taking its total capacity to 14.3 MT. The company had planned a target of 34 MT by 2020.
JSW Steel that operates a 6.8 mtpa steel plant at Toranagallu in Bellary district of Karnataka, has sought 1,100 acres of land more from the Karnataka government to expand its steel mill capacity.
At present, JSW Steel owns 3,700 acres in Toranagallu with the capacity of the plant to reach at 10 mtpa by March 2011. JSW buys iron ore from private mine owners near its plant and the new railway line will be used to transport ore to its steel plant.
JSW Steel manufactures flat and long products such as HR coils, CR coils, galvanised products, auto grade/white goods grade CRCA steel, bars and rods.
Source: www.dealcurry.com
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