by admin | May 25, 2021 | Business, Corporate, Corporate Buzz, Large Enterprise
Mumbai : Tata Steel on Friday said it has been declared the successful “resolution applicant” by the Committee of Creditors (CoC) of Bhushan Steel Ltd (BSL).
In a regulatory filing to the BSE, the company said the decision was subject to obtaining regulatory approvals from the National Company Law Tribunal (NCLT) and the Competition Commission of India (CCI).
“Tata Steel hereby informs that it has been declared as the successful resolution applicant by the Committee of Creditors of Bhushan Steel Limited on March 22, 2018, subject to obtaining necessary regulatory approvals, including approval from the NCLT and the Competition Commission of India,” the BSE filing said.
The filing added that Tata Steel has accepted the Letter of Intent for BSL under the Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code 2016 (IBC).
—IANS
by admin | May 25, 2021 | Business, Corporate, Corporate Buzz, Large Enterprise
New York : IT services and outsourcing provider Wipro Limited and Tata Steel Ltd are the two Indian firms that have been selected among 135 world’s most ethical companies for 2018 by the US-based think tank Ethisphere Institute.
The 135 companies dedicated to “defining and advancing the standards of ethical business practices” were selected from 23 countries across 57 industries, Ethisphere said in a statement late on Monday.
Microsoft, Dell, Salesforce and Adobe are some of the global tech giants who figured in the 2018 list.
“Over the last 12 years, we have repeatedly seen that those companies who focus on transparency and authenticity are rewarded with the trust of their employees, their customers and their investors,” said Ethisphere CEO Timothy Erblich.
“While negative headlines might grab attention, the companies who support the rule of law and operate with decency and fair play around the globe will always succeed in the long term,” Erblich added.
The listed ethical companies outperformed the large cap sector over five years by 10.72 per cent and over three years by 4.88 per cent.
“We are honoured to be listed among the World’s Most Ethical Companies for the fifth consecutive year,” said Michael Dell, Chairman and CEO of Dell Technologies.
“Ethics and integrity matter at Dell. We work hard to earn our customers’ trust, improve our communities and inspire our team members through sound, ethical decision-making,” he added.
The institute will organise an event in New York on March 13 to felicitate the companies where PepsiCo Chairperson and CEO Indra Nooyi is expected to deliver the keynote address.
“At Microsoft, trust and integrity are core to our values and critical to our success. We’re passionate about applying the power of technology to improve our world, and that starts with doing business in a way that builds and maintains trust with our customers,” said Microsoft President Brad Smith.
—IANS
by admin | May 25, 2021 | Corporate, Corporate Buzz
Bhubaneswar : Tata Steel has unveiled India’s first Solid Liquid Separation (SLS) Plant for Gas Cleaning Plant (GCP) slurry at its Ferro Alloys Plant (FAP) at Odisha’s Joda, said a statement on Tuesday.
SLS Plant was inaugurated on Monday by Rajeev Singhal, Vice President, (Raw Materials), Tata Steel.
Singhal said that as a responsible corporate, Tata Steel had been undertaking several such initiatives that contributed towards sustainability of the environment.
The SLS Plant, besides conserving water, would prevent water from sludge pits percolating into ground and contaminating ground water, the statement said.
Installed at a cost of nearly Rs 8 crore at FAP, Joda, the SLS Plant is an environment-friendly initiative, set to recover manganese-rich solid from the wet gas cleaning plant slurry.
Water recovered by the processing of GCP slurry will be fully recycled, leading to water conservation to the tune of 15 cubic metre per hour.
Also, the recovery of manganese-rich solids makes it possible to recycle the same, for production of Ferro Manganese. It helps conserve valuable high-grade manganese ore and use lower grade of Fe-rich manganese ore. Manganese-rich solid cakes from the new SLS Plant will be used for production of Ferro Manganese after suitable agglomeration, it added.
FAP-Joda, set up in 1958 with an installed capacity 36 KMT, presently produces 50 KMT of High Carbon Ferro Manganese per annum.
The plant was inaugurated in the presence of M.C. Thomas, Executive-In-Charge, Ferro Alloys and Minerals Division (FAMD), R.R. Satpathy, General Manager, Operations, FAMD, Tata Steel.
—IANS
by admin | May 25, 2021 | Business, Commodity Market, Investing, Large Enterprise
Mumbai : Tata Steel on Friday said its wholly own subsidiary incorporated in Singapore, Abja Investment Co. Pte. Ltd, has successfully issued dual tranche of $1.3 billion of unsecured bonds in the international markets.
The issue comprises $300 million 4.45 per cent unsecured bonds due on July 24, 2023 and $1 billion 5.45 per cent unsecured bonds due on January 24, 2028.
“The transaction was launched on January 18, 2018 (Thursday). By the time books closed at the end of the day, the peak order book was in excess of $7 billion across tranches,” a statement said.
“The proceeds of the bonds will be used to refinance the offshore obligations of the Group, which will help de-risk the balance sheet, enhance financial flexibility, diversify the investor base and improve the overall debt maturity profile.
“The completion of the refinancing also marks an important step forward to create a sustainable financial structure in preparation of the proposed joint venture in Europe,” said Koushik Chatterjee, ED and CFO of Tata Steel.
The bonds are rated BB- by S&P and will be listed on the Singapore Exchange (SGX).
Road shows were organised simultaneously in Dubai, Singapore, London and Hong Kong and on the back of overwhelming investor response.
“The tremendous response enabled the issue to be priced about 42 bps tighter than the initial price thoughts on both the tranches. The deal was distributed to a wide number of long term buy-and-hold institutional investors, banks and private banks across regions,” it said.
Chatterjee also said based on the buoyant trading performance of the existing bonds and strong credit appetite from quality investors, the company launched an innovative bond structure.
“The success of the issue demonstrates the investor’s confidence in the long-term strategy of the company and we are very happy with the quality of the investors in the issue,” he added.
—IANS
by admin | May 25, 2021 | Business, Large Enterprise
Kolkata : Tata Steel on Friday said its India production in the October-December 2017 period was marginally up by 3.1 per cent to 3.26 million tonnes (mt) compared to 3.16 mt produced in the corresponding quarter of 2016-17.
The steel maker also said its sales, during the quarter under review, were at 3.30 mt, up by over 10 per cent from 2.99 mt in the year-ago period.
In the first nine month period (April-December) of the current fiscal, its India production was at 9.24 mt compared to 8.22 mt produced in the same period of the last financial year, the company said in a statement.
During the April-December period, its sales at 9.12 mt registered about 18 per cent growth over the 7.76 mt in the corresponding period of 2016-17.
However, the steel maker’s production from European operation in the December quarter was slightly higher at 2.67 mt as compared to 2.64 mt in the comparable period in 2016-17, it said.
In terms of sales, Europe operations registered higher sales during the quarter at 2.39 mt.
Steel producer’s Kalinganagar plant ramped-up to 100 per cent capacity utilisation for commercial saleable steel production.
It achieved highest-ever quarterly sales in ‘automotive and special products’ segment with a growth of 6 per cent quarter-on-quarter and 26 per cent year-on-year.
—IANS
