The Union Minister for Steel, Shri Beni Prasad Verma presented a cheque worth Rs. 1556.47 crore to the Prime Minister of India, Dr. Manmohan Singh today. The cheque comprised Rashtriya Ispat Nigam Limited’s (RINL) payment of dividend worth Rs. 271.47 crores and Rs. 1285 crores as redemption of preferential capital.
Present on the occasion were Secretary,

NLMK, one of the world’s leading steel companies, today announced the acquisition of the National Laminations group, an electrical steel service center in India, for a total consideration of US$8 million.
This acquisition will enhance NLMK’s position in the Indian market as one of the leading suppliers of grain-oriented electrical steel, controlling production from crude steel

According to the Business Standard, Kolkata-based Concast Group has acquired SPS Group’s Jharsuguda-based steel plant – SPS Steel And Power Limited for Rs.800 crore.
Concast reportedly paid Rs.125 Crore upfront in cash and the balance will be paid in the form of interests and repayment of loan incurred by SPS. Post acquisition, the company will be

Sesa Goa Limited (SGL) has purchased the assets of the upcoming Steel Plant Unit of Bellary Steel & Alloys Limited (BSAL). The investment is for an all cash consideration of Rs 220.00 Crore. BSAL’s secured creditors, represented by IFCI Ltd, had taken over possession of the properties of BSAL in association with the official liquidator.
BSAL

Amtek Auto Ltd Monday acquired 10 per cent stake in Garima Buildporp Pvt Ltd. Garima Buildporp Pvt Ltd is the holding firm of OCL Iron and Steel Ltd. The deal is expected to enable Amtek Auto to source steel from Garima for manufacturing auto components. Garima Buildporp, a wholly owned subsidiary of Gateway Impex Private

Japanese Steel maker Sumitomo Metal Industries is to acquire a stake interest in another Indian firm, after acquiring an interest in Bhushan Steels’ SPV of 6 MT steel plant project in West Bengal. Sumitomo said it is set to acquire a 5.88 per cent shareholding in Steel Strips Wheels Ltd for an investment of $10

In a move that threatens to curtail Korean steel giant’s investment in India, the Korean firm, Posco, said the Indian Federal government instructed the Orissa state government to halt land acquisition for the company’s proposed steel manufacturing plant in Orissa. The move by the Indian government threatens the $12 billion proposed steel plant construction Posco

Indian Steel manufacturing company, Sujana Metal Products, Sunday announced it plans to invest more than Rs 1,000 crore in expansion of its operations. The plans will see the company grow its capacity to 7.5 lakh tons per annum, up from its existing 3.5 lakh tons, to be effected by end of the 2010 financial year.

A number of Indian companies have reported an ambitious plan that will aim at setting up steel plants in the Karnataka state with huge investments expected to flow in the state. The state was particularly picked by the companies as it remains free of the dissent and rebellions that have rocked other mineral rich states