Jindal Steel And Power To Develop New Unit In Bolivia (27-Jan-2012)
Jindal Steel and Power is planning to set up steel units, a sponge iron plant and an iron ore pellet plant as part of an integrated facility in Bolivia. In this regard, the company will invest $600 million in the current year. The company expects to sign a gas supply agreement with the local government authorities by next month for its upcoming integrated facilities.
Earlier in 2007, Jindal Steel Bolivia -- a JSPL subsidiary -- had secured 40-year development rights to the El-Mutun iron ore mine, which holds reserves of around 20 billion tonne. The mines are considered to be one of the largest untapped iron ore deposits in the world.
The company also inked an agreement with the Bolivian government to set up an integrated 1.7 million tonne per annum (mtpa) steel plant, a 6-mtpa sponge iron and a 10-mtpa iron ore pellet plant in the country at an investment of $2.1 billion.
Nevertheless, the Bolivian government has claimed that the company has paid only 2% of its commitment of $600 million in two years and consequently, the authorities have seized $18 million provided as guarantees by the company for the project.
On consolidated basis, the group has posted a net profit of Rs 996.68 crore for the quarter ended December 2011, up 6.55% from Rs 935.43 crore in the corresponding year-ago period. Its total income has increased by 38.25% to Rs 4,400.26 crore for the quarter under review from Rs 3,182.70 crore for the similar quarter of the previous year.
Top News Today
 Asia's premier stock exchange - Bombay Stock Exchange (BSE) - is expected to launch its second thematic index, BSE-GREENEX, on February 22, Wednesday. The first being BSE TASIS SHARIAH 50 index, that includes
 Tata Motors is planning to launch 230 showrooms for its cheapest Nano car in the next 12 months. At present, the company has 120 exclusive Nano showrooms.
Tata, part of the global tea-to-technology
 Mahindra & Mahindra (M&M), India's leading SUV manufacturer is planning to assemble its products in Russia through the distributor of its South Korean subsidiary SsangYong in the next two years. The company
|
International Stock News
 The US markets pared early gains and made a mixed closing on Tuesday, though European officials agreed to another round of aid for Greece, pushing the Dow industrials briefly above 13,000 for the first
 US market remained closed on Monday on account of George Washingtons Birthday, Presidents Day.
 The US markets jumped on Thursday, as the outlook for Greece's bailout improved, American jobless claims slid to a nearly four-year low and manufacturing bolstered optimism in the economy. The number of
|
|
|