Vedanta Reportedly Looking To Acquire Minority Stake In Electrosteel
Apr 27 15
Vedanta Limited (BSE:500295) is reportedly looking at acquiring a minority stake in Electrosteel Steels Limited (NSEI:ESL), sources said. Electrosteel has been under corporate debt restructuring scheme since 2013 with a debt of more than INR 60 billion. “There have been initial talks in this matter between Vedanta and Electorsteel, however nothing is finalised yet,” a person privy to the matter said. According to Business Stndard, a Vedanta spokesperson said, “We are a London-listed company. We have our own limitations and we cannot comment on this now.” A source in Electrosteel also confirmed that discussions were underway for a deal with Vedanta. “A round of discussions on this matter has already happened. Recently, the promoters group infused some money into the company and the rest is likely to be raised by the minority stake sale which will help to pare the debt,” he said. While a spokesperson for Electrosteel could not be reached despite repeated attempts, the company in a recent regulatory filing has denied any discussion for sale of the company. The stock exchanges had sought clarifications from Electrosteel Steels following media reports that Tata Steel Limited (NSEI: TATASTEEL) and Vedanta were looking to buy the company due to its debt burden. In its reply to the stock exchanges, Electrosteel had denied “any action/discussion as contemplated in the media report with regard to sale of the company”. According to Business Standard, when contacted, a Tata Steel spokesperson refused to comment.
Tata Steel Clarifies On Electrosteel Steel Buy
Apr 22 15
Tata Steel Limited (BSE:500470) has clarified on the news, "Vedanta Limited (BSE:500295) looking to buy Electrosteel Steels Limited (NSEI:ESL)." Tata Steel clarifies to the Exchange, "While Tata Steel as part of its business strategy regularly evaluates strategic opportunities across various segments of its operations in different geographies, in the instant matter, we would like to clarify that currently there is nothing to disclose under the obligations of Clause 36 of the Listing Agreement on the current media speculation. The Board and Management of Tata Steel is committed to making disclosures at the appropriate time so as to eliminate any asymmetry of information.
Tata Steel, Vedanta Reportedly To Buy Electrosteel
Apr 21 15
Sources say that both Tata Steel Limited (BSE:500470) and Vedanta Limited (BSE:500295) are in talks with lenders to buy Electrosteel Steels Limited (NSEI:ESL). The Exchange has sought clarification from Tata Steel with respect to news report appearing on ET NOW on April 21, 2015 that Tata Steel and Vedanta are looking to buy Electrosteel Steel. Electrosteel Steel management is looking to sell off company due to debt burden of INR 60 billion.
Tata Steel Limited Reports Production and Sales Results for the Fourth Quarter and Year Ended March 2015
Apr 16 15
Tata Steel Limited reported production and sales results for the fourth quarter and year ended March 2015. For the fourth quarter, the company reported production of hot metal of 2,676,000 tonnes compared to 2,658,000 tonnes for the same period a year ago. Crude steel production was 2,441,000 tonnes compared to 2,477,000 tonnes a year ago. Saleable steel production was 2,408,000 tonnes compared to 2,407,000 tonnes a year ago.
For fiscal 2015, hot metal production was 10,163,000 tonnes compared to 9,899,000 tonnes for the same period a year ago. Crude steel production was 9,331,000 tonnes compared to 9,155,000 tonnes a year ago. Saleable steel production was 9,073,000 tonnes compared to 8,931,000 tonnes a year ago. Total agglomerate production was 12,780,000 tonnes compared to 12,140,000 tonnes in fiscal 2014. Total coke production (Jamshedpur & Haldia) was 4,670,000 tonnes compared to 4,270,000 tonnes in fiscal 2014.
For the fourth quarter, sales volume was 2,408,000 tonnes compared to 2,407,000 tonnes a year ago.
For fiscal 2015, steel marketing & sales has achieved its high ever annual sales volume of 8,750,000 tonnes against the 8,520,000 tonnes in fiscal 2014. Annual automotive sales were 1,360,000 tonnes compared to 1,180,000 tonnes in fiscal 2014. Annual Tata Tiscon sales were 1,240,000 tonnes compared to 1,090,000 tonnes in fiscal 2014. Annual Tata Shaktee sales were 230,000 tonnes compared to 210,000 tonnes in fiscal 2012.
Tata Steel Workers to Vote on Action
Mar 27 15
THE National Executive Council of the Community trade union, which represents most of the Tata Steel workforce, has unanimously authorized a ballot of the union's members working for the steel producer over its decision to close its final-salary pension scheme. At an extraordinary meeting of the union's NEC, council members, the majority of whom work for Tata Steel, agreed the following statement: on 24 March 2015, an extraordinary meeting of the NEC was convened to discuss the company's decision to close the British Steel Pension Scheme as announced 13 March. The NEC discussed in detail the circumstances that led the trade unions to the brink of a national dispute, and representatives expressed their profound anger and disappointment at the company's unnecessary and unjustified actions. After due consideration the following resolution was proposed and subsequently endorsed: the NEC hereby authorizes the general secretary to ballot the membership within Tata Steel UK for industrial action in protection of the British Steel Pension Scheme, and to call for any industrial action deemed necessary in furtherance of the dispute. The company and the trade unions have had a number of meetings to discuss the preliminary actuarial valuation of the British Steel Pension Scheme as at 31 March 2014.