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India is collaborating with Russian oil giant Rosneft to explore Siberia's rare earth deposits, aiming to secure vital mineral supplies. These elements are crucial for electric vehicle motors and advanced electronics, areas where India currently depends on imports. Following past export disruptions, this partnership, initiated during the India-Russia summit, seeks to develop processing technologies and potentially produce essential rare-earth magnets. View More

New Delhi: India is in talks with Russian oil producer Rosneft to study the mineral composition of its rare earth deposits in Siberia, according to an official, as part of efforts to secure supplies of critical minerals. Rare earth elements are essential for producing permanent magnets, which are essential for electric vehicle motors and find application across new-age electronics. India relies on imports of these elements to meet its domestic needs, as it does not have commercial-scale facilities for refining and separating. Also Read: Japan company to set up rare earths magnet unit in Andhra Pradesh The country faced an acute shortage of rare earth magnets after China, its largest supplier, clamped down on exports. During the annual India-Russia summit in December, the two countries had decided to launch collaboration in the rare earth and critical minerals sector. Russia holds some of the world's largest reserves of rare earth elements, primarily in Siberia and the Murmansk region. Rosneft had acquired the deposit in Siberia's Tomtor region last year. In May, JSC Giredmet, a unit of Rosatom's scientific division, signed a memorandum of understanding with India's Nexon Geochem for research and development of technologies for processing raw materials of rare earths. Live Events Also Read: India, US seal critical minerals and rare earths pact amid global supply chain race Giredmet also signed a letter of intent with India's Technology Innovation in Exploration & Mining Foundation (TEXMiN), part of the Indian Institute of Technology (Indian School of Mines). The agreement provides for joint research and development of technologies for producing neodymium-iron-boron (NdFeB) rare-earth permanent magnets, including the full metallurgical cycle and pilot validation of Giredmet technologies. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} 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)

NetJets is not speculating on what caused one of its planes to crash onto a highway in Laredo, Texas late Tuesday, killing a prominent tech entrepreneur. View More

In this articleBRK.BGOOGBRK.BFollow your favorite stocksCREATE FREE ACCOUNT (This is the Warren Buffett Watch newsletter, news and analysis on all things Warren Buffett and Berkshire Hathaway. You can sign up here to receive it every Friday evening in your inbox.) NetJets' first fatal crash kills influential Texas VC founder NetJets says it will not speculate on what caused one of its planes to crash onto a highway in Laredo, Texas late Tuesday, killing a prominent tech entrepreneur.Joshua Baer was the 50-year-old founder of Capital Factory, a VC company in Austin that specializes in tech startups.NetJets did say in a statement, "Safety is, and has always been, the foundation of everything we do." It will "cooperate fully" with investigators from the National Transportation Safety Board.It is the first fatal crash for the Berkshire Hathaway subsidiary, and the first for any company that provides fractional ownership of private jets, a business model NetJets originated in 1986 before it was acquired by Berkshire in 1998.The Cessna Citation Latitude plane was traveling from San José del Cabo, a resort city in Mexico, to Austin when its pilots reported it was low on fuel and asked for an emergency landing at Laredo's airport. Firefighters at the site of a NetJets plane crash in Laredo, Texas, June 16, 2026.Laredo Police Department/Handout via REUTERS Reports and videos from the scene show bystanders helping to rescue the two pilots and three teenaged passengers who survived.Laredo's mayor told reporters, "While the loss of life is deeply regrettable, it is nothing short of a miracle that this tragedy did not become a mass fatality event."A witness described the scene for CNN as her husband joined the rescue effort.Former FAA and NTSB investigator Jeff Guzzetti tells the AP the final minutes of the flight suggest it was trying to glide into Laredo's airport after both engines lost power. "I think they just ran out of altitude and airspeed toward the end there."Mary Schiavo, a former inspector general for the U.S. Transportation Department speculates to the AP there may may have been a fuel leak since the jet's 3000 miles range is around three times the distance of its planned flight.The NTSB says the plane's cockpit voice recorder and flight data recorder are being sent to Washington for analysis. Google's parent edges out Coca-Cola for third place in Berkshire's equity portfolio Berkshire Hathaway has not yet told us whether it has actually purchased the $10 billion of Alphabet shares it agreed to buy directly from Google's parent in a deal announced on June 1.But if those new shares are combined with its holdings of GOOGL and GOOG as of March 31, as disclosed by Berkshire in its Q1 13F filing with the SEC last month, their total market value is now slightly more than Berkshire's long-time stake in Coca-Cola that Warren Buffett purchased after the 1987 market crash.Here's the math:Alphabet's news release said Berkshire had agreed to buy $5 billion of its Class A shares (GOOGL) for $351.81 each and $5 billion of its Class C shares (GOOG) for $348.20 each.That works out to more than 14 million shares of each class: Zoom In IconArrows pointing outwards Adding the new shares to the existing holdings gives Berkshire 68.5 million Class A shares and 17.9 million Class C shares: Zoom In IconArrows pointing outwards Using Thursday's closing prices, the Class A shares are valued at just under $25.2 billion and the Class C shares are worth almost $6.6 billion for a total of $31.79 billion: Zoom In IconArrows pointing outwards That puts Alphabet into third place in Berkshire's equity portfolio by a razor-thin margin of $34 million ahead of Coke: Zoom In IconArrows pointing outwards Last Friday, Coca-Cola was ahead by almost $2 billion, but its shares fell nearly 4% this week while Alphabet gained close to 2%. Zoom In IconArrows pointing outwards Stay tuned! Famous footballer recounts embarrassing conversation with 'Buffett' Jimmy Buffett with Warren Buffett at the 2016 Berkshire meeting.Lacy O'Toole | CNBC In what appears to be an outtake from his "New Heights" podcast that was posted on Instagram this week, Travis Kelce, an extremely well-known football player for the Kansas City Chiefs who is planning to marry pop star Taylor Swift, possibly next month, recounted what he called an embarrassing encounter with a man he thought was Warren Buffett:I have face blindness. You guys know I have face blindness?Yeah, well, this is an episode of face blindness.I go to — I go to New York, and there's a huge festival, a music festival, out in the Hamptons, and I'm a huge music lover, as you guys know. (Applause)And I go with a bunch of guys from New York in the money world, so it's like a connection and like, finances and I'm thinking that I'm going to be around a bunch of guys in finances at this music festival.So, I get up there and I immediately start having beverages, which is kind a thing, the Kelce way of going about things.And I get shit faced. (Laughter)Get shit faced. Don't even really know who's on, who's performing at the concert. I'm just kind of up there, like, hey, you got any more tequila? (Laughter)And a guy comes up and says, "Dude. Buffett's here. He wants to meet you."I'm like, "Holy shit. That's big money." (Laughter)"My god, I'm way too hammered to say hello to this guy and start talking finances."I got to go — get it together — get a water, where's the water, where's the water? Kansas City Chiefs tight end Travis Kelce (87) runs the ball in for a touchdown against the Tampa Bay Buccaneers during the first quarter at Raymond James Stadium, Oct. 2, 2022.Kim Klement | USA Today Sports | Reuters So, I get a water, I go over to meet Buffett. I shake his hand and man, we have the best conversation I've ever had in my life. The man is literally smiling from ear to ear. I'm thinking I'm going to be rich here soon. He's going to (unintelligible) these investments.And he's starts telling this story in high school when he picked up the guitar for the first time. (Laughter)And I was like, right to his face, "No way! Warren Buffett played the guitar?" (Laughter and applause)And his face went from smiling ear to ear to not smiling at all.And then he got tapped on the shoulder because he had to go sing Margaritaville. (Laughter and applause)So, I was his biggest cheerleader singing Margaritaville on the side.So, I have an episode of face blindness at least once a month, and that was my — that was me mistaking Jimmy Buffett — the late, great, unbelievable Jimmy Buffett for — thinking Warren Buffett was going to be at a music festival in the Hamptons. (Laughter)That's probably the most embarrassing story I have for you guys.There is no family relationship between the two Buffetts but they were friends, referring to themselves as "Cousin Warren" and "Cousin Jimmy."Jimmy Buffett regularly attended Berkshire's annual meeting, even opening the 2007 gathering with a rendition of "Margaritaville" featuring rewritten lyrics about "Wasting away in Berkshire Hathaway-a-ville / Searchin' for some good companies to buy."He died of a rare form of skin cancer in 2023 at the age of 76. BUFFETT & BERKSHIRE AROUND THE INTERNET Some links may require a subscription:The Times of London (subscription): Warren Buffett was right: never bet against AmericaBarron's on MSN: Buffett could halt gifts to Gates Foundation after Epstein disclosuresBarron's on MSN: Bill Berkley took Warren Buffett's route to building a successful insurerInvestopedia: Warren Buffett's Strategy for Minimizing Investment Losses and Safeguarding Your MoneyMorningstar: What Stands Out Most About Berkshire Hathaway's Latest Stock PurchasesNikkei Asia (subscription): Tokio Marine to team with Berkshire on M&A in Australia, Canada, CEO says HIGHLIGHTS FROM CNBC'S BUFFETT ARCHIVE How NetJets cost Berkshire hundreds of millions of dollars (2010) Warren Buffett outlines the mistakes made at NetJets, Berkshire's aviation subsidiary. But he and Charlie Munger say they will generally continue to trust the managers of their subsidiaries. watch nowVIDEO0:0000:00Why NetJets has cost Berkshire hundreds of millions of dollars2010 Berkshire Hathaway Annual Meeting WARREN BUFFETT: The biggest mistake made with NetJets is essentially we kept — we were buying planes at prices that were fictitious, in terms of the price at which we would later be able to sell them. And there's a certain time lapse involved in buying fractional shares.There's a lot of explanations for it. But in the end, we didn't properly prepare for what was obviously happening. And we lost a lot of money, a good bit of which was attributable to the write-down of planes, which you could call is our inventory, where we bought them at X and we couldn't sell them at X or 90 percent of X.Some of those were new planes that we should not have taken on, and many of them were planes coming back from owners.We also let our operating costs get out of line with recurring revenues.But, you know, I've made plenty of mistakes. I stayed in the textile business for 20 years. I knew it was a lousy business. Charlie was telling me it was a lousy business in the first year, the second year.And 20 years later, I woke up. I was like Rip Van Winkle. I mean, it's kind of depressing when you think about it. (Laughter)But the one thing we will guarantee, we'll make some mistakes. It was a big mistake at NetJets, $711 million is the figure...CHARLIE MUNGER: If we buy 30 big businesses and generally let the people who run them successfully in — before, run them with very little interference from headquarters, and it works out 95 percent of the time very well, and we have one episode when the basic franchise was protected but we lost profit opportunities for a while, it's not a big failure record.Nor does it indicate that we should stop being pretty easy with the remarkable people who join us with their companies.WARREN BUFFETT: No, it is not going to change — it does not change our management approach at all.I think that we have gotten performance, overall, from managers that are beyond the dreams I would have had when I was first putting this company together.So, it's been a — we let managers do their stuff. BERKSHIRE STOCK WATCH Four weeks Zoom In IconArrows pointing outwards Twelve months Zoom In IconArrows pointing outwards BRK.A stock price: $733,609.77BRK.B stock price: $489.46BRK.B P/E (TTM): 14.57Berkshire market capitalization: $1,055,405,905,430Berkshire Cash as of March 31: $397.4 billion (Up 6.5% from Dec. 31)Excluding Rail Cash and Subtracting T-Bills Payable: $380.2 billion (Up 3.0% from Dec. 31)Berkshire repurchased $234 million of its shares in Q1 2026.(All figures are as of the date of publication, unless otherwise indicated) BERKSHIRE'S TOP EQUITY HOLDINGS - Jun. 19, 2026 Zoom In IconArrows pointing outwards Berkshire's top holdings of disclosed publicly traded stocks in the U.S. and Japan, by market value, based on the latest closing prices.U.S. stock markets are closed today, Friday, for Juneteenth National Independence Day.Holdings are as of March 31, 2026, as reported in Berkshire Hathaway's 13F filing on May 15, 2026, except for:Alphabet, which includes the $10 billion in shares that Berkshire agreed to buy directly from the company, as announced on June 1, 2026. Berkshire has not yet formally disclosed whether the transaction has been completed. The entry is a combination of Class A and Class C Alphabet shares. The market price is a weighted average of the prices of the two classes.Mitsubishi, which is as of April 30, 2026The full list of holdings and current market values is available from CNBC.com's Berkshire Hathaway Portfolio Tracker. QUESTIONS OR COMMENTS Please send any questions or comments about the newsletter to me at alex.crippen@nbcuni.com. (Sorry, but we don't forward questions or comments to Buffett himself.)If you aren't already subscribed to this newsletter, you can sign up here.Also, Buffett's annual letters to shareholders are highly recommended reading. There are collected here on Berkshire's website.-- Alex Crippen, Editor, Warren Buffett Watch Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

The India–UK Comprehensive Economic and Trade Agreement delivers a projected 7-10 per cent tariff advantage in the UK market View More

About half of the world’s planned green steel projects have already been delayed, while governments have committed just $20 billion ?of the $1.5 trillion needed to decarbonise the sector View More

The BSE SME issue is a book-built fresh issue of 30 lakh equity shares aggregating to Rs 24 crore. The company has fixed the price band at Rs 77-80 per share. View More

The IPO of Anubhav Plast will open for subscription on Friday, June 19, and will close on June 23. Ahead of the issue, the company's shares were trading at a grey market premium (GMP) of nil, indicating no expected listing gains in the unofficial market. The BSE SME issue is a book-built fresh issue of 30 lakh equity shares aggregating to Rs 24 crore. The company has fixed the price band at Rs 77-80 per share. Investors can apply for a minimum of 3,200 shares, requiring an investment of Rs 2.56 lakh at the upper end of the price band. The minimum application size for HNI investors is 4,800 shares, amounting to Rs 3.84 lakh. The basis of allotment is expected to be finalised on June 24, while the shares are scheduled to list on the BSE SME platform on June 29. Anubhav Plast, incorporated in 1987, manufactures Electric Resistance Welding (ERW) steel pipes and tubes in round and square hollow sections, along with swaged steel tubular poles marketed under the "ANUBHAV" brand. Its products are used across electricity transmission and distribution, telecom infrastructure, construction, irrigation, water supply and engineering sectors. Live Events The company operates two manufacturing facilities in Kanpur Dehat, Uttar Pradesh, with an annual production capacity of 90,000 metric tonnes of ERW steel pipes and tubes and 1.5 lakh swaged steel tubular poles. It primarily caters to government tender-based projects across multiple states. According to its restated financials, the company reported total income of Rs 98.31 crore and a net profit of Rs 6 crore for FY25, compared with revenue of Rs 87.41 crore and profit of Rs 2.08 crore in FY24. As of December 2025, it had reported total income of Rs 80.60 crore and profit after tax of Rs 5.30 crore. The proceeds from the fresh issue will be used for business expansion and general corporate purposes. Capital Square Advisors is the book-running lead manager to the issue, while Bigshare Services is the registrar. CapitalSquare Financial Services is the market maker. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times) .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)

Indian construction companies are set to gain from rebuilding in the Middle East. The US-Iran truce opens opportunities for firms like Man Industries. Rebuilding efforts are estimated to cost $50 billion. Demand for energy security and self-sufficiency is driving infrastructure investments. Saudi Arabia alone plans $1 trillion in investments by 2030. View More

Mumbai: The US-Iran truce is turning out to be timely for Indian construction firms operating in the region, as rebuilding in the aftermath of the crisis is estimated to cost as much as $50 billion. Companies with a presence in the Middle East, such as Man Industries (India), are set to capitalise on this. The Indian carbon steel pipe producer recently acquired Saudi Arabia-based National Pipe Company for $102 million. "One outcome of the geopolitical environment is that countries are increasingly prioritising energy security and self-sufficiency," managing director Nikhil Mansukhani told ET . "We are already seeing significant demand emerging from Saudi Arabia, Abu Dhabi, Iraq, and neighbouring regions." The buyout of National Pipe Company includes $83 million in cash and liquid assets and an order book of around $120 million for the current fiscal, making it a "highly attractive plug-and-play acquisition", Mansukhani said. He anticipates investments in oil, gas and water infrastructure picking up in the West Asian region. While the crisis has brought in additional infrastructure requirements for the West Asia region, these regions is already in the midst of a major capital expenditure. Live Events In 2024, Goldman Sachs estimated that Saudi Arabia is likely to invest $1 trillion across six key sectors by 2030. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} 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 is set to become the global leader in steel demand. This shift follows decades of strong growth from China. Lakshmi Mittal, executive chairman of ArcelorMittal, highlighted infrastructure development, urbanisation, and energy transition investments as key drivers. Operating in 2026 presents new challenges and opportunities. View More

MUMBAI: India is poised to lead the next phase of global steel demand after two decades of significant growth in China, according to Lakshmi Mittal , executive chairman of ArcelorMittal. The growth will be driven by large-scale infrastructure development, rapid urbanisation and housing demand, and investments in energy transition infrastructure, Mittal said at the Global Steel Dynamics Forum 2026 in New York. “Operating in 2026 is obviously very different to 2006. Today, markets move faster, competition is more global, technology changes constantly, and companies are expected to adapt in real time,” Mittal said. “Even traditional industries like ours operate in a faster, more global, more data-driven, and more environmentally constrained world than they did in 2006.” ArcelorMittal, formed by the merger of Mittal Steel and Arcelor in 2006, is one of the largest steel producers globally. Mittal said that while the industry will continue to face challenges and unexpected events, there are reasons to be optimistic and excited about the future. Live Events He highlighted how the merger created a stronger, more resilient business with the scale, diversification and reach to navigate major global shifts--from the financial crisis to the Covid-19 pandemic to the rise of China’s steel industry. In India, ArcelorMittal is present through a joint venture with Nippon Steel–AM/NS India–and operates a plant at Hazira in Gujarat. The company is also setting up an integrated steel plant in Andhra Pradesh. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} 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-UK trade pact leaves carbon tax concern unresolved; to be taken up later, say officials View More

India is set to lead global steel demand in the coming decades. Large-scale infrastructure projects, urban growth, and energy transition investments will drive this expansion. ArcelorMittal's Executive Chairman, Lakshmi Mittal, highlighted India's emerging role, comparing it to China's past growth. The company's 20th anniversary marks a new phase for the steel industry. View More

New Delhi: India is set to become a key engine of global steel demand over the coming decades, driven by large-scale infrastructure development, urbanisation and investments linked to the energy transition, ArcelorMittal Executive Chairman Lakshmi Mittal said on Thursday. Speaking ahead of ArcelorMittal's 20th anniversary on July 31, Mittal said the global steel industry was entering a new phase in which India is expected to play a role similar to that played by China over the past two decades. Also read: The new man of steel! India seen filling the void China may leave The last 20 years have been characterised by China's remarkable growth. Now it is India's turn, with massive infrastructure expansion, rapid urban housing growth and energy-transition infrastructure all on the cards, Mittal said in a video message to delegates attending the World Steel Dynamics Global Steel Dynamics Forum 2026 in New York. Reflecting on the merger of Mittal Steel and Arcelor in 2006, which created the world's largest steelmaker, Mittal said the combination had strengthened the company through greater scale, diversification and resilience, helping it navigate major global disruptions, including the global financial crisis and the COVID-19 pandemic. Live Events "If I look back over the 20 years, I genuinely believe that the merger did indeed create a stronger company, benefiting from greater scale, diversification, resilience and strategic reach," he said. He called the global financial crisis and the Covid pandemic black swan events. "There have been events we did not anticipate. The aftershocks of the global financial crisis are still with us, and the fallout from Covid has been similarly dramatic. I am adamant, though, that we navigated these shocks better together than we could have done separately," he said. Mittal noted that the steel industry has become significantly more global, technology-driven and data-intensive than it was two decades ago, with companies facing faster-moving markets and growing environmental and regulatory pressures. Also read: India-UK trade deal to offer export benefits from day-one; steel issues addressed: Govt Sources Despite ongoing challenges, he expressed confidence in the sector's long-term prospects, citing demand growth in emerging markets, infrastructure renewal in developed economies and investments linked to decarbonisation and the energy transition. He also highlighted the increasing importance of domestic industrial policies in shaping steel markets and underscored the need to maintain a competitive and resilient steel industry. "After 50 years in the steel industry, there is no place I would rather be," Mittal said, adding that while the industry would continue to face unforeseen challenges, its long-term fundamentals remained strong. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} 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)

Man Industries India Ltd and its Saudi subsidiary National Pipe Company Ltd have secured new orders totaling Rs 1,000 crore. These orders are for coated pipes and pipeline solutions. The company expects to execute these orders within the next six to nine months. This significant win boosts their combined order book to approximately Rs 4,100 crore, showcasing strong market momentum. View More

New Delhi: Man Industries India Ltd on Thursday said the company, along with its recently acquired Saudi arm, National Pipe Company Ltd (NPC), has bagged new orders worth Rs 1,000 crore for the supply of coated pipes and related pipeline solutions . The orders have been received from domestic and international customers operating in oil & gas and water transmission sectors, the company said in a release. Man Industries said the orders are expected to be executed in 6-9 months. "Man Industries (India) Ltd and its recently acquired Saudi entity, National Pipe Company Ltd (NPC), have together secured new orders aggregating approximately Rs 1,000 crore, comprising Rs 700 crore for NPC and Rs 300 crore for Man Industries for the supply of coated line pipes and related pipeline solutions," the statement said. With these orders, NPC's unexecuted order book stands at approximately Rs 1,600 crore and Man Industries' standalone unexecuted order book stands at approximately Rs 2,500 crore, translating into a combined consolidated order book of approximately Rs 4,100 crore. The order book provides strong medium-term revenue visibility and reflects Man Group's sustained momentum in domestic and international markets. Live Events These order wins reflect the strong business environment in the energy and infrastructure sectors, and the confidence that marquee clients continue to repose in the technological expertise and execution track record of Man Industries and NPC, the statement added. Man Industries India Ltd, the flagship company of the MAN Group, is the manufacturer and exporter of large-diameter carbon steel line pipes. The company operates two manufacturing facilities at Pithampur, Madhya Pradesh and Anjar, Gujarat. The company primarily supplies critical pipeline infrastructure to the oil & gas, petrochemicals, water transmission, fertilisers, dredging, hydrocarbon and city gas distribution sectors across India and international markets. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} 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)