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Thyssenkrupp has acknowledged receiving a non-binding offer from India's Jinal Steel for its steel division. The company's Executive Board will thoroughly assess the bid, placing particular emphasis on economic viability, the ongoing green transformation initiatives, and the preservation of jobs at its steel production facilities. Further details regarding the offer remain undisclosed. View More

Thyssenkrupp on Tuesday said it has received a non-binding bid for its steel division from India's Jinal Steel, without disclosing any further details. "The Executive Board of Thyssenkrupp AG will examine this offer closely, particularly with regard to economic sustainability, the continuation of the green transformation and employment at our steel sites," Thyssenkrupp said. Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

SAIL is set to integrate green technologies and customer-centric solutions in its upcoming projects, aiming for sustainable steel production. The company plans to expand its crude steel capacity to around 35 million tonnes by 2031, aligning with the National Steel Policy 2017. SAIL is also exploring hydrogen-based steelmaking and carbon capture technologies to reduce its carbon footprint. View More

Upcoming projects by Steel Authority of India Limited (SAIL) will integrate green technologies, efficient logistics and customer-centric solutions, company chairman and managing director Amarendu Prakash said Tuesday. Addressing shareholders during the company's 53rd Annual General Meeting (AGM), he said SAIL is advancing its green steel journey through hydrogen-based steelmaking trials, carbon capture, utilization and storage (CCUS), biochar injection, and renewable energy initiatives. “Investments in modernization, automation, artificial intelligence, and data-driven decision-making will transform the way we operate,” Prakash said while adding SAIL will diversify into sunrise sectors such as renewable infrastructure, defence, and electric mobility. Commenting on the steel sector, he said the past year has been one of both challenges and opportunities. “On the global front, the steel industry witnessed slower growth due to subdued demand in major economies, coupled with issues such as trade barriers, rising imports, and environmental regulations,” Prakash added. According to the chairman, the Indian economy stood out as a bright spot with infrastructure, housing, defence, renewable energy, and manufacturing receiving strong policy support. Live Events “India remained the second-largest steel producer and one of the fastest-growing steel markets in the world,” he added. SAIL is currently India’s second largest steel producer by volume. Prakash said the company is expanding crude steel capacity from currently around 19 million tonnes to around 35 million tonnes by 2030–31. This is in line with the National Steel Policy 2017. Sharing the public sector undertaking’s decarbonisation roadmap, Prakash said SAIL is planning Hydrogen-based steelmaking trials under the National Green Hydrogen Mission. In addition to these, carbon capture, utilization, and storage projects in collaboration with leading technology providers and institutes are on the cards. Also on the anvil is the use of biomass-based alternatives such as biochar in sintering and blast furnace operations. The chairman also listed enhanced renewable energy usage through floating solar, rooftop solar, and bagasse-based power among initiatives. Besides supplying steel to mega projects like metros, expressways, bridges, and renewable energy infrastructure, SAIL is also going for a retail push. “Our brands like SAIL SeQR TMT and NEX Structurals are also strengthening their presence,” he added. Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

Vedanta Resources is moving forward with its corporate restructuring, anticipating the demerger of its Indian arm to be finalised within this financial year. CEO Deshnee Naidoo is optimistic after a hurdle was cleared with the Talwandi Sabo Power Ltd settlement. View More

Vedanta Resources is pressing ahead with its long-awaited corporate restructuring, with Chief Executive Officer Deshnee Naidoo expressing confidence that the demerger of its Indian arm will be completed within the current financial year, news agency PTI reported on September 16. The development comes on the verge of the National Company Law Tribunal (NCLT) hearing of the case, scheduled for September 17. The demerger, once complete, will allow Vedanta to operate its business verticals as standalone companies, a move that the group believes will unlock greater value and improve operational focus. Naidoo said her immediate priority was to steer the company through the restructuring process. “I’m very optimistic. I think for me the work right now is actually restructuring the organisation as if we are already a demerged company,” she told PTI. She added that the company was hoping for a positive outcome in the upcoming hearing, describing it as a step forward in the approval process. Live Events A significant hurdle was cleared earlier this month when the National Company Law Appellate Tribunal (NCLAT) allowed Talwandi Sabo Power Ltd (TSPL) to proceed with its separation from Vedanta Ltd. The decision overturned a previous order that had stalled the move. The breakthrough came after TSPL reached a settlement on 11 September with Chinese contractor Sepco Electric Power Construction Corp, which had objected to the demerger citing unpaid dues of Rs 1,251 crore. With the settlement in place, the path has been eased for the restructuring. “The matter related to Talwandi Sabo Power Ltd was actually resolved, and that is a step forward,” Naidoo noted. The Securities and Exchange Board of India (SEBI) has raised no objections to the scheme, though it sought further details on the proposed base metals carve-out. That particular carve-out is no longer part of the current plan, after Vedanta revised its original blueprint. Initially, the company had outlined a plan to split into six independent entities: Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals, and Vedanta Ltd. The revised scheme, however, retains the base metals business within the parent company. Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

India’s antitrust watchdog carried out surprise raids at Jindal SAW and Maharashtra Seamless offices near New Delhi over alleged bid rigging in ONGC tenders, sources said. The searches, linked to a 2023 complaint by ONGC, have concluded. CCI and the companies did not comment. Investigations typically involve document collection and questioning, and can take months. View More

India's antitrust inspectors have conducted surprise raids at steel pipe makers Jindal SAW and Maharashtra Seamless in an alleged case of bid rigging, two people with direct knowledge of the matter said on Tuesday. The raids were conducted at the offices of Jindal SAW and Maharashtra Seamless in and around New Delhi on Monday, and the search operation has now concluded, the two sources said. Reuters was the first to report the antitrust raids, details of which are kept confidential in line with Competition Commission of India (CCI) rules. CCI and the two companies did not respond immediately to requests for comment. Shares of Jindal SAW dropped as much as 2.6% after the Reuters story on antitrust raids, while Maharashtra Seamless fell as much as 1.6% to its day's low in Tuesday's trade. Live Events Jindal SAW is part of India's OP Jindal Group, which has many businesses in the steel and power sectors. The case was triggered by a complaint from the state-run Oil and Natural Gas Corporation in 2023, related to bidding of certain tenders by the steel pipe companies, the two sources said. ONGC did not respond to a request for comment. A confidential government document from June 2024, seen by Reuters, showed ONGC made several submissions to the CCI over time in relation to the case, and the watchdog had sought details of its suppliers and vendors. That month, ONGC was also asked to provide its "assessment of price behaviour in the market of seamless pipes", the document showed. In such surprise raids, CCI inspectors typically collect documents and question officials present, and the case can go on for several months. Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

Lahori Zeera, currently the fourth-largest carbonated beverage brand in India and the country’s leading ethnic beverage, aims to become the third-largest player within the next few years. View More

The concept of Lahori Zeera took shape quite naturally for Saurabh Munjal and his cousins, Nikhil Doda and Saurabh Bhutna. “One day, Nikhil, who has exceptional culinary skills, dashed a few simple home ingredients to create a refreshing beverage. The taste immediately clicked, and we felt it had potential beyond just a home-made experiment,” shares Munjal, Co-founder and CEO of Archian Foods , the parent brand of Lahori Zeera. The idea evolved organically during their frequent brainstorming sessions on potential business opportunities. However, one concern kept resurfacing: how could a local brand possibly compete with global beverage giants? Munjal remembers that it was only through deeper research that they uncovered an intriguing insight—in many markets, from the US to Asia-Pacific, it wasn’t always Coke and Pepsi leading the pack; most of the time, it was local beverage brands that claimed the top spot. “This insight strengthened our conviction. We began by making small batches for friends and family, and the overwhelming response gave us the confidence to take it forward commercially,” recalls Munjal. And this is how the trio managed to carve a niche in a market long dominated by global beverage giants by staying true to Indian flavours. ForMunjal, it was nothing short of “serendipity”, a word he uses to sum up his journey of building Lahori Zeera into a brand now valued at over Rs 500 crore. Saurabh Munjal, Co-founder and CEO of Archian Foods, the parent brand of Lahori Zeera Notably, Coca-Cola currently holds the leading position in India’s carbonated soft drink market with approximately 60% share, followed by Pepsi, and others. Live Events Founded in 2017, Archian Foods Private Ltd set out with a vision to bring natural, desi -inspired beverages to Indian consumers. Before venturing into the food and beverage space, Saurabh’s entrepreneurial journey spanned trade finance and hospitality. Today, the company produces over 2 million bottles a day and has broadened its portfolio with popular flavours like nimboo , kacha aam , masala cola , and shikanji. The Initial Journey The trio’s initial vision was fairly modest: to sell a few bottles in their local neighbourhoods and establish themselves as a trusted community brand. However, overwhelming consumer love and demand quickly pushed them to scale and expand into new regions. “From day one, however, three guiding principles have shaped our journey,” notes Munjal. “First, almost all Lahori Zeera products are priced at the “magical” Rs 10 price point. Second, the goal has always been to bring unique Indian flavours to the mainstream, which global brands often overlook. And third, we have built a strong brand identity with disciplined distribution practices: 100% advance payments from distributors and a strict no-return policy.” While many brands target the 8 crore Indians who file taxes, Munjal says their vision was to reach the wider population of 1.4 billion. (Image Courtesy: Lahori Zeera's social media platforms) Guided by these principles, Lahori Zeera crossed Rs 500 crore in MRP revenues in 2023, a milestone achieved without any cumulative marketing spend since inception. Here, the MRP (marginal revenue product) refers to the additional revenue generated by employing one more unit of a resource, such as labour or machinery. “From the very beginning, we were focused on building our brand in the retail and general trade, since nearly 90% of India’s beverage consumption happens there. We deliberately avoided spreading ourselves thin across multiple cities too early. Instead, we built depth in select regions, starting with Chandigarh, Punjab, Himachal Pradesh, and Haryana before expanding further,” says Munjal. Our presence on store shelves was driven not by heavy spending but by genuine consumer demand, adds Munjal. The product itself created pull, and customers kept asking for it, prompting retailers to stock it, and the organic acceptance became our strongest distribution advantage, he notes. “Whenever we enter a new market, we take a grassroots approach—going store by store and asking retailers to taste Lahori Zeera themselves. Once they are convinced and place initial orders, distributors also gain confidence. Retailers then continue stocking us because consumers keep returning to ask for Lahori Zeera, and for them, fast-moving products always win over shelf incentives,” says Munjal. The company employed a smart strategy: rather than vying for prime shelf space, they asked retailers for a spot outside their shops. There, they stacked cartons vertically, with distinctive, eye-catching packaging that doubled as a powerful marketing tool. This approach not only boosted visibility but also encouraged consumers to buy entire 24-bottle crates straight from the stacks for home consumption, skipping single-bottle purchases from shelves altogether. In fact, an investor survey revealed that nearly 50% of Lahori Zeera’s retail sales came from customers directly purchasing 24-bottle crates, compared to single-serve bottles picked off shelves. “When we made our first commercial batch, we approached the distributors who had previously encouraged us. To our surprise, they refused our terms of advance payment. Instead, they insisted we follow the traditional model—supplying stock on credit and agreeing to take back unsold inventory, which has long been the standard practice among leading beverage distributors. For us, that was unacceptable,” adds Munjal. The company employed a smart strategy: rather than vying for prime shelf space, they asked retailers for a spot outside their shops. (Image Courtesy: Lahori Zeera's social media platforms) Munjal says that they, instead, took a grassroots route—going store to store and offering retailers a chance to taste Lahori Zeera. Once they were convinced and placed initial orders, they returned to distributors with proof of demand. Only then did distributors agree to come on board, but strictly on the company’s advance-payment terms. That decision set the tone, and to this day, every sale to our distributors is done on 100% advance payment, a discipline that has defined our brand’s journey from the start, he says. Rs 10—the magical price point From the very beginning, Lahori Zeera set out to create a brand for the Indian masses. While many brands target the 8 crore Indians who file taxes, Munjal says their vision was to reach the wider population of 1.4 billion. “That’s why almost all Lahori Zeera products are sold at the ‘magical price point’ of Rs 10, which makes it accessible to all. This strategy isn’t unique to us; history shows that Rs 5 biscuits for Parle or single-stick affordability for FMCG brands have built enduring household connections. We wanted to do the same for beverages,” says Munjal. Last year, Lahori Zeera surpassed Rs 1,000 crore in MRP consumer sales (with Rs 525 crore translating to over Rs 1,000 crore in MRP revenue), and we are set to grow by more than 50% year-on-year, says Munjal. This achievement positions the company as the 4th largest carbonated beverage brand in India and the country’s leading ethnic beverage brand, according to Munjal. At our current growth trajectory, we are confident of overtaking the third-largest player within the next couple of years, notes Munjal. Punjab, Himachal Pradesh, and Haryana remain the company’s strongest markets. But the most exciting momentum is coming from newer markets like Uttar Pradesh and Bihar, which together represent more than 30% of India’s population. Growth plans The company is in the midst of a strong growth phase having launched its third plant in Lucknow, in process to initiate 3P bottling partnerships, successfully expanded into juices as a category. “While an IPO could be part of our journey in the long term, we believe it is still a few years away. Once we stabilise growth, margins, and capacity expansions, we will evaluate it seriously.We have received interest from both domestic and global giants. However, as a group, we are very clear about our path for the next 3-5 years and the targets we have set for ourselves. Our goal is to build a world-class beverage brand from India, rooted in ethnic flavours and loved globally,” says Munjal. The company already has a set of marquee investors, namely Verlinvest and Motilal Oswal. “Looking ahead, we don’t see ourselves merely as an ‘India-first cult brand’. Our vision is much bigger. If Indians could grow up consuming Coke and Pepsi for decades, we are confident that Lahori Zeera can become the first Indian ethnic beverage brand to find global love and recognition,” says Munjal. Expert’s view India’s beverage market is no longer a two-player game; it’s a vast, segmented playground where local disruptors are steadily gaining share, say experts. “The carbonated beverages industry, valued at Rs 47,500 crore in FY23, is expected to reach Rs 60,200 crore by FY28 (CAGR of nearly 4.9%). The non-carbonated market is expected to reach Rs 1.38 lakh crore by FY28 (CAGR ~8.4%), with a current value of Rs 90,200 crore. Functional beverages are currently worth $6.2 billion and are expected to grow to $16.3 billion by 2033, while bottled water, worth $6.5 billion in 2023, is expected to quadruple by 2032,” says M Ramakrishnan, Managing Director, Primus Partners. Punjab, Himachal Pradesh, and Haryana remain the company’s strongest markets. (Image Courtesy: Lahori Zeera's social media platforms) Home-grown brands already command strong positions: Dabur’s Real and Parle’s Frooti together account for more than half of the juices and fruit drinks segment; Bisleri holds 30-40% of the bottled water market; and functional beverage players like Paper Boat, Epigamia, and Raw Pressery capture over 50% share in their niches, says Ramakrishnan. “Even in the ethnic fizzy drinks space, Lahori Zeera has taken the lead, commanding 40-60% of the market, proving that local roots can successfully outpace multinational giants,” says Ramakrishnan. More importantly, tier II, III, and IV cities, and rural India, which currently account for 30% of ethnic taste growth, remain underserved. If they combine authenticity and creativity, India’s beverage disruptors will not only earn shelf space domestically, but they may also set the trend in global aisles, believes Ramakrishnan. Add as a Reliable and Trusted News Source Add Now!

A proposed duty on exporting lower-quality iron ores has opened up a gap between miners and steelmakers. While steelmakers want ore exports discouraged to ensure domestic supply, miners claim local steelmakers don't have technology to process such ore anyway. View More

Tega Industries, a Kolkata-based company, acquired Molycop in a significant deal. This buyout marks a major move by an Indian enterprise. Led by Mehul Mohanka, Tega partnered with Apollo Global Management for the acquisition. The deal aims to create a comprehensive offering for the mining industry. The combined entity will leverage technology to optimize mining operations. View More

Mumbai: When a Kolkata company hits the pink press headlines, for the biggest buyout by an Indian enterprise in three years, it is ' breaking news ' indeed. After all, the City of Joy might well be known for its culture and cuisine, but hardly for commerce. But last week, Tega Industries announced it would buy Molycop, a 100-year old, grinding-media multinational. On face value, the deal looked full of ambition - even if in a consortium with one of the biggest Wall Street investors. First the brass tacks Led by Mehul Mohanka, MD & Group CEO, second generation in the business, Tega and Apollo Global Management have signed a binding bid to buy US- based Molycop from its current owners, American Industrial Partners (AIP), for an enterprise valuation of around $1.48 billion. Under the proposed structure, Tega will hold roughly 77% of the special-purpose vehicle used for the deal and Apollo funds about 23%. The purchase price reflects a multiple of ~8.6x FY25 EBITDA ( EBITDA of $172 m ), less than a third of Tega’s own multiple - which trades at a lofty 25x EBITDA (TTM), and 3.0x-5.0x lower than many of the other consumables peers like Weir, Metso, Orica and FLSmith. But this audacious attempt by a home-grown mid cap company to go out shopping for one of the world’s largest mining equipment companies should unearth a far richer story than what the plain numbers reveal. It should also nudge investors to rethink how one can get exposure to the industrial backbone of electrification and the green economy -- the miners, mills and the consumables that make them run – and get outsized returns. Live Events Grinding Media Leader Molycop is the market leader in supplying grinding media: the steel and high-chrome balls and rods that wear away ore in SAG and ball mills, that crush and grind raw metals like iron and copper ore, gold, bauxite etc into pure concentrates. For global miners like BHP Billiton , Anglo American , Barrick or Newmont these are mission-critical consumables. They are bought under long-term contracts, wear out predictably, and get replaced on a schedule set by throughput and ore characteristics. For miners, downtime costs far more than the price of the balls themselves while for vendors, that means sticky customer relationships, predictable revenues and high visibility. As per its own presentations, it serves 400+ mines (especially gold and copper) in 40 countries, with decade-long average customer relationships. More importantly, it isn’t impacted by cyclicality of metal prices but is really driven by volume growth in these sectors, consistent over the past 40 years. Cash Flow Regularity Put the product and the market together and a picture emerges: as the world pushes to electrify transport, scale renewable grids and build AI-heavy infrastructure, copper demand is structurally higher. More ore processed means more grinding media consumed making it a durable deal that underpins modern economies. The Molycop franchise sits square in the middle of that flow. The combined company is presented as a complementary pairing: Tega’s mill liners, chutes and material-handling consumables paired with Molycop’s grinding media, technology stack and deep distribution network would create a nearly end-to-end offering inside the heart of any mine. Tega’s presentation shows a pro-forma entity with $1.73bn of revenue and $217m of EBITDA, significant in many ways. The repetitive nature of the target company’s business and an operating footprint located near mines reduce commercial risk and create predictability in cash flow. Tega has factored in $20 million savings in cost and operating expenses over 2 years and a combined $100 improvement in combined revenues over 3 years. “There will be no increase in fixed cost. The accretion in gross margins will get passed through directly to the EBITDA,” Mohanka (50) told ET. Buying the market leader in a new segment to diversify the portfolio is one thing. With Molycop, Tega gets to flex its operational muscle further building on an adjected product while expanding its global manufacturing footprint. Currently 85% of its revenues come from outside of India across 96 countries. Like all leverage buyouts (LBO) there are risks involved. Tega must raise equity of around $248m and non-recourse LBO debt at the Molycop level. Further, it will need to execute a complex integration across multiple regions. Still, Mohanka retains operational control with a 77% economic stake of the special-purpose vehicle used for the deal. Apollo funds will own about 23% and be a capital and governance partner. Back in 2017, AIP had suggested a merger of Tega and Molycop, but that would have diluted Mohanka significantly. Now, he gains access to deep private-markets expertise but keeps his team and operational DNA intact. Further, using non-recourse debt reduces the risk on the overall business. ET Bureau Tech-tonic Shift Molycop has also been investing in diagnostics, mill-sensing and optimisation tools; so additional software and analytics investment will help sell “performance” as well as product. Selling mills along with the balls can allow for selling a solution versus tonnage. If the combined group can cross-sell digital services that improve throughput and lower total cost of ownership for miners, pricing power and margins could expand materially. “Lining and grinding has always been complimentary,” Mohanka told ET. “But Molycop has built up a technology platform using AI, machine learning that optimises efficiency and operations for customers. This is an amazing opportunity to leverage upon as a solutions offering.” For investors who prize steady cash flow and sectoral leverage to infrastructure, Tega has shown the tunnel to play the commodity backbone of the next decade. This is not a leverage-heavy punt on a cyclical commodity price but a bet on the consumables that make mines run and the technology that makes them run even better as demand for critical metals accelerates from electronics, solar industry and semiconductors. Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

Union Minister Shripad Yesso Naik urged scientists and industry leaders to make India a green hydrogen innovation hub. He emphasized that the National Green Hydrogen Mission is crucial for economic growth, industrial competitiveness, and environmental responsibility. View More

New Delhi, Sep 12 (PTI) Union Minister of State for New & Renewable Energy Shripad Yesso Naik on Friday called upon scientists, industry leaders, startups and young researchers to make India a global hub of green hydrogen innovation. Speaking at the First R&D Green Hydrogen Conference under the National Green Hydrogen Mission , the minister said the country's leadership in the sector will ensure domestic industries remain competitive and future-ready at a time when countries are designing cross-border carbon regulations. About the National Green Hydrogen Mission, the minister said that the initiative is about more than clean energy, it is about economic growth, industrial competitiveness, and environmental responsibility. Green hydrogen will power the steel, cement, fertiliser, mobility, and shipping sectors, help reduce import dependence, create high-value jobs, and establish India as a key exporter in the emerging global hydrogen economy, he said. "At a time when countries are designing cross-border carbon regulations, India's leadership in green hydrogen will ensure that our industries remain competitive and future-ready," the minister said. Live Events Naik said MNRE has already supported more than 200 R&D projects in renewable energy, fuel cells, hydrogen, and storage technologies. Dedicated funding, testing facilities, and incubation programmes have been created so that Indian researchers and innovators have the ecosystem to translate ideas into breakthrough solutions, he said. "This conference is a testimony to our collective resolve to make India's laboratories into launch pads, and our startups into global champions," he said. Speaking at the event, National Green Hydrogen Mission (NGHM) director Abhay Bhakre highlighted that green hydrogen is the fuel for the future and under the NGHM, concerted efforts are being made to position India as a global leader and export hub for green hydrogen. He said that the Mission is receiving strong support from various state agencies, and over 140 standards have already been published to facilitate the growth of the sector.- Add as a Reliable and Trusted News Source Add Now!

The coal ministry is set to launch a second round of viability gap funding (VGF) of approximately Rs 2400 crore for coal gasification projects. They are also collaborating with the Ministry of Petroleum and Natural Gas (MoPNG) to facilitate the sale of byproducts like methanol and green hydrogen. View More

The ministry of coal will shortly roll out the second tranche of viability gap funding (VGF) of around Rs 2400 crore for coal gasification projects and is also in talks with the ministry of petroleum and natural gas (MoPNG) to sell byproducts of coal gasification, including methanol and green hydrogen , Rupinder Brar, additional secretary at the coal ministry said in Mumbai on Friday. She was speaking at a roadshow on coal gasification in India. Coal gasification technology enables the conversion of coal into syngas (synthetic gas) used to produce downstream products such as methanol, ammonium nitrate, synthetic natural gas (SNG), and fertilizers, while reducing emissions. India plans to achieve 100 million tonnes of coal gasification by 2030. The government had, in January 2024, launched a financial incentive scheme with an outlay of Rs 8,500 crore to provide viability gap funding (VGF) to promote coal/lignite gasification projects for PSUs and the private sector in three categories. Of the Rs 8,500 crores, the government has already allocated Rs 6,100 crores and will roll out the second round of the scheme shortly for the remaining Rs 2,400 crore. "We will be rolling out the second round of the scheme left from last year. We encourage all of you (industry) to participate in that," said Brar. Live Events The scheme was approved by the Cabinet for promotion of coal/lignite gasification projects, a crucial step towards India’s target of 100 million tonnes of coal gasification by 2030. The scheme was launched under three categories. Category I is for PSUs only, with a provision of Rs 4,050 crore. Category II, with an outlay of Rs 3,850 crore, is available to both the private sector and PSUs with a maximum grant of Rs 1,000 crore or 15% of project cost, whichever is lower. Category III, with an outlay of Rs 600 crore, is for demonstration or small-scale projects with a maximum grant per project of Rs 100 crore or 15% of project cost, whichever is lower. In February 2025, Coal India Limited (CIL) and two joint ventures—Bharat Coal Gasification and Chemicals Limited (BCGCL) and the CIL-GAIL JV—were selected under Category I. Jindal Steel and Power Ltd , Greta Energy and New Era Cleantech Solution Private Limited were chosen under Category II and III. Meanwhile, the coal ministry is in talks with the MoPNG to sell byproducts of coal gasification, including methanol and green hydrogen. "Yes, we are in talks with MoPNG because they are the domain ministry for the utilization of products, including ethanol, methanol, so we'd like to see how they are visualizing the markets play out, and how we could incentivize industry. So those are the elements under discussion," added Brar. Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

Vedanta has settled its long-standing dispute with Chinese firm Sepco Electric, clearing the way for its revenue-stream demerger, now expected by September-end. The settlement resolves all claims and withdraws pending arbitration over the Talwandi Sabo 3x660 MW thermal project. View More

Vedanta has settled its dispute with Chinese firm Sepco Electric Power Construction Corp, effectively clearing the path for its proposed demerger along operational product lines. The revenue stream-wise demerger, initially scheduled for completion in March this year, is now looking at a September-end deadline. Talwandi Sabo, wholly owned by Vedanta, entered into a settlement deal with SEPCO Electric for resolution of all long-standing disputes relating to the EPC contracts entered between the parties for setting up of a 3x660 MW Thermal Power Project, the company said. It did not disclose any financial details of the settlement. “This settlement agreement provides for a full and final resolution of all claims and counter claims and includes withdrawal of pending arbitration proceedings,” Vedanta said in an exchange filing on Friday. Sepco Electric is a Chinese firm that designs and builds power generation and transmission infrastructure. In March, the Mumbai Bench of the National Company Law Tribunal had rejected the demerger scheme filed by Vedanta’s subsidiary Talwandi Sabo Power citing inadequate disclosures. The demerger was challenged by Sepco Electric Power Construction Corporation, whom Talwandi owed Rs 1,251 crore. Live Events “This marks the closure of legacy disputes and strengthens TSPL’s operational position,” Vedanta said. The settlement was done on September 11. Last month, the Mumbai bench of the NCLT deferred its hearing for the company to September 17. The hearing was deferred after the Ministry of Petroleum and Natural Gas presented its objections in court. Vedanta, led by billionaire Anil Agarwal , had proposed splitting its operations into independent listed companies focusing on aluminium, base metals, iron and steel, oil and gas, and power generation. The company believes that this move will unlock shareholder value. Additionally, the demerger is also expected to allow each independent company to attract specialized investors, strategic partners, and lenders, fostering deeper collaborations and expansion without affecting the broader organization. The board of Vedanta had approved the demerger in September 2023. The company has also received approvals from its secured and unsecured creditors and equity shareholders. Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)