Tata Steel, MMTC join hands for mining development

October 13th, 2009 RAIPUR - India's largest private sector steel maker, Tata Steel, will invest Rs.2,000 crore on environment conservation at its Rs.19,500-crore plant coming up in Chhattisgarh's militancy-hit Bastar district. "Tata Steel officials made a presentation at a public hearing on Monday for environmental clearance and committed to invest Rs.2,000 crore on environment conservation," Bastar district collector M.S.

September 16th, 2009 KOLKATA - Tata Steel management has signed a bonus agreement with employees, the company said Wednesday. The agreement was signed for annual bonus to the employees of the steel major's Jamshedpur unit, including the tubes division, for 2008-09.

August 31st, 2009 SHIMLA - Steel Minister Virbhadra Singh Monday said the National Mining Development Corporation (NMDC) will sign Memorandums of Understanding (MoUs) with steel companies to sell limestone mined in Himachal Pradesh. "The NMDC will soon sign MoUs with end-users, especially steel plants, as the limestone to be extracted in the Arki region is a vital raw material for making steel," Singh told IANS.

August 4th, 2009 RANCHI - Steel projects worth Rs.125,940 crore ($26.4 billion) are hanging in the balance in Jharkhand as the state government is yet to give approvals to them, an industry lobby report said Tuesday. The report by the Associated Chambers of Commerce and Industry (Assocham), said: "Steel players like ArcelorMittal, Tata Steel and others are waiting for different forms of clearances for the last four years, which otherwise should have been cleared in two years." Releasing the report at a seminar here, Assocham secretary general D.S.

July 21st, 2009 NEW DELHI - India's leading private steel producer Tata Steel will make one of India's biggest offers for global depository receipts in recent years, hoping to raise $500 million to fund its expansion in the country and for its London-headquartered Anglo-Dutch arm Corus. The company's board has approved the issue of 65,410,589 receipts for $7.64 each, representing one ordinary share of Tata Steel.

June 25th, 2009 NEW DELHI - Tata Steel, India's largest steel producer, Thursday reported 60 percent fall in its consolidated profit for 2008-09. The steel major's net profit stood at Rs.49.51 billion ($1 billion) in 2008-09, down from Rs.123.5 billion recorded the year before, the company said in a regulatory statement.

June 8th, 2009 Tata Steel downgraded on weakness of UK unitMUMBAI, India — Moody's downgraded the company rating of India's Tata Steel Ltd on Monday because of weak performance at its U.K. Corus unit — sign of how troublesome Tata's ambitious overseas acquisitions have become since the global financial crisis hit.

May 30th, 2009 MUMBAI - Tata Steel has reached an agreement with lenders of Tata Steel UK for resetting the covenants on the 3.7 billion pound loan raised for the acquisition of Anglo-Dutch steel maker Corus. This comes two days after group company Tata Motors announced a revision in the maturity deadline on the bridge loan for its acquisition of Jaguar Land Rover (JLR).

May 15th, 2009 NEW DELHI - Tata group veteran Syamal Gupta has retired as chairman of Tata BP Solar after 53 years with India's largest industrial house. He will be succeeded by BP Solar's chief executive Reyad Fezzani.

May 6th, 2009 JAMSHEDPUR - Industrial Energy Ltd (IEL), a joint venture between Tata Steel and Tata Power, Wednesday commissioned a 120-MW power plant that will run on waste gas produced by the steel major. The plant, built at an investment of Rs.490 crore, will supply the entire generated power to Tata Steel to help the company meet its growing power requirements in its Jamshedpur unit, an official statement said.

March 11th, 2009 KOLKATA - Steel major Tata Steel is hopeful of saving 600 million pounds ($831 million) between October 2008 and March 2009 from its Corus operations, a top official said here Tuesday. Last year, the company had launched a cost-cutting programme to save this amount to tide over the economic crisis.

February 12th, 2009 KOLKATA - Steel major Tata Steel will not focus on any acquisition 'for the time being', a top company official said here Friday. 'We will go slow on acquisition plans.

January 13th, 2009 MUMBAI - Five state-owned companies forged a pact Wednesday to secure coal assets overseas through a joint venture company. National Thermal Power Corp (NTPC), the country's largest power company, said in a statement that it has signed an agreement with other coal, mineral and steel utilities to float a special purpose vehicle to secure and develop coal assets overseas.

January 5th, 2009 RAIPUR - The country's largest steel maker Tata Steel Tuesday reported a 14 percent fall in sales in the October-December quarter over the corresponding period uin 2007. According to an official statement, the company's total sales during the period stood at 1.07 million tonnes.

January 1st, 2009 BHUBANESWAR - Thousands of tribals Friday staged a demonstration against a proposed Tata Steel plant in Orissa's Jajpur district, while about 200 people supporting the project took out a counter-rally. Armed with bows and arrows, tribal protestors including hundreds of women raised anti-project slogans and took out a massive rally at the Kalinga Nagar industrial complex, some 100 km from here.