Latest Sectors News
Tesla is expanding ties with LG Energy Solution to include a $4.3 billion deal for U.S.-produced cells for energy storage systems from Michigan. View More
In this articleTSLAFollow your favorite stocksCREATE FREE ACCOUNT A Tesla Megapack battery at the Harmony Energy Ltd. and Fotowatio Renewable Ventures BV battery energy storage project near Burgess Hill, England, May 11, 2021.Chris Ratcliffe | Bloomberg | Getty Images Tesla is expanding ties with South Korea's LG Energy Solution, striking a deal to buy $4.3 billion worth of battery cells that will be made in Lansing, Michigan for use in its energy storage systems.The plant was formerly developed for a joint venture between LG and General Motors before the automaker decided to retreat from that initiative in late-2024, selling its stake to LG as part of a pullback in the automaker's electric vehicle investments. While Tesla still makes most of its revenue from EVs, the company is investing in its more rapidly growing energy business, as data centers drive up electricity demand. Tesla's Megapacks can store power produced using intermittent sources like solar or wind, or during off-peak hours, then make it available for use when demand is high. Tesla currently sells Powerwall backup batteries for residential use with its solar installations, and much larger Megapack and Megablock systems for utility-scale power storage. Last year, revenue in the company's energy segment increased 27% to $12.8 billion, accounting for 13% of total revenue. Total revenue dropped due to a 10% decline in the auto business. Details of the Tesla-LG partnership were announced during an Indo-Pacific Energy Security Summit in Japan, according to a release from the U.S. Department of the Interior. The Trump administration announced a total of $56 billion in private sector commitments at the event. A spokesman with LG Energy Solution said the company "will establish dedicated production lines at our Lansing facility to deliver on this agreement." LG last year retooled the facility to build LFP (lithium iron phosphate) prismatic cells, later confirming a $4.3 billion deal with an unnamed company. GM continues to have a significant presence in and around the Lansing battery plant, but the company has largely retrenched from the EV market, announcing $7.6 billion in related write-downs. Tesla, meanwhile, expects its energy business to "have very high growth for as far into the future as we can imagine," CEO Elon Musk said during the company's fourth-quarter earnings call in January. Chief Financial Officer Vaibhav Taneja cautioned that the energy segment expects "margin compression" from low-cost competition and the cost of tariffs. Tesla's competition includes companies like BYD in China and climate-tech startups like Form, which is making iron-air batteries, and others. WATCH: Why the EV factory boom in the U.S. south is suddenly in trouble watch nowVIDEO30:5330:53Why the EV factory boom in the U.S. south is suddenly in troubleAutos Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
In a strategic decision to enhance operational efficiency, Tata Steel's board has greenlit the merger of its subsidiary Neelachal Ispat Nigam into the parent company. This consolidation is designed to streamline operations and reduce expenses. Furthermore, Tata Steel has earmarked up to $2 billion for T Steel Holdings, aimed at bolstering overseas ventures and settling debts. View More
Mumbai: Tata Steel's board has approved the merger of its wholly owned subsidiary, Neelachal Ispat Nigam (NINL), with the company, as the steelmaker looks to simplify its structure, improve raw material security and optimise operational costs . The steel major has also approved an investment of up to $2 billion in T Steel Holdings, a wholly owned foreign subsidiary, by subscribing to its equity shares in one or more tranches from fiscal 2027. Tata Steel will invest around ₹18,488.10 crore in T Steel Holdings (TSHP), which will use these funds to support overseas subsidiaries for their business operations and for repayment or prepayment of existing debt in multiple tranches. Also Read: KC Ang quits as head of Tata Semiconductor Manufacturing Tata Steel acquired a majority stake in NINL in 2022, resuming operations at the plant later in the year. The company was acquired for ₹12,100 crore. "The proposed amalgamation will result in a simplification of the existing corporate structure and eliminate administrative duplications, consequently reducing the administrative costs of maintaining separate companies, while reducing multiple legal and regulatory compliances," Tata Steel said in an exchange filing. .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)
Tata Steel is teaming up with the University of Science and Technology Beijing in an ambitious partnership aimed at revolutionizing steel production. By focusing on innovative methods to reduce carbon emissions, such as increasing scrap usage and implementing effective carbon capture techniques, they aspire to redefine cleaner steel manufacturing. View More
Jamshedpur: Tata Steel has signed a Memorandum of Understanding (MoU) with University of Science and Technology Beijing (USTB) to collaborate on the development of low-carbon steelmaking technologies. As part of the MoU, signed on Monday in Beijing, research teams from Tata Steel, Tata Steel Research and Innovation Limited and USTB will jointly undertake research across four broad themes addressing low-carbon steelmaking: scrap-based steelmaking , steel waste valorisation, end-product performance, and carbon capture and utilisation technologies, the company said in a statement on Tuesday. The collaboration will leverage USTB's academic expertise along with its experimental and pilot-scale facilities, enabling promising technologies to be tested, piloted and potentially scaled up for industrial application. Commenting on the partnership, Subodh Pandey, Vice President - Technology, R&D, NMB and Graphene, Tata Steel, said, "Low carbon steelmaking and associated product development for our customers is the need of the hour. At Tata Steel, we are actively driving the global transition to low-carbon steelmaking, and innovation is at the core of this journey. "Through our collaboration with USTB, we aim to unlock potential ideas and co‑create technologies that will advance our sustainability goals and contribute to a cleaner, more efficient future for the steel industry." Live Events Prof Shuqiang Jiao, Vice President of USTB, said, "USTB and Tata Steel have maintained a long-standing partnership built on years of productive collaboration. This new initiative further strengthens their close ties and shared commitment to innovation. By combining USTB's expertise in metallurgy and materials science with Tata Steel's industrial strengths, the two sides will accelerate the engineering validation and industrial application of research outcomes." .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)
The move is part of Tata Steel’s broader restructuring and expansion strategy, subject to regulatory approvals. View More
Tata Steel's board has given the nod for a groundbreaking merger with its subsidiary, Neelachal Ispat Nigam Limited, marking a pivotal moment in its growth strategy. Furthermore, the company is set to invest up to two billion dollars in its global subsidiary, T Steel Holdings. Shares of Tata Steel Limited closed 4.41% higher at ?195.40 on the BSE on March 17, up ?8.25. View More
The board of Tata Steel Limited on Tuesday approved the merger of its wholly owned subsidiary Neelachal Ispat Nigam Limited (NINL) with itself and also cleared an investment of up to $2 billion in its overseas arm T Steel Holdings Pte. Ltd. , according to a regulatory filing. The company said the board approved the Scheme of Amalgamation between Neelachal Ispat Nigam Limited and Tata Steel Limited along with their respective shareholders. Also Read: West Asia crisis hits stainless steel production; LPG shortages and logistics disruptions raise costs The merger will be subject to the receipt of required approvals, permissions and sanctions from regulatory and statutory authorities, as mandated under applicable laws. Separately, the board approved an investment of up to $2 billion (around ₹18,488.10 crore) in T Steel Holdings Pte. Ltd., a wholly owned foreign subsidiary of Tata Steel. The investment will be made through subscription to equity shares of the subsidiary in one or more tranches beginning FY2026-27. Live Events In another development, the board approved the acquisition of securities in Medica TS Hospital Private Limited , currently a subsidiary of Tata Steel, from Manipal Hospitals Eastern India Private Limited. The acquisition will be carried out for an aggregate consideration of ₹1.49 crore and includes 7,40,000 equity shares of face value ₹10 each, representing a 49% equity stake in Medica TS Hospital. It also includes 2,30,05,182 optionally convertible redeemable preference shares with a face value of ₹0.01 each, representing 31.85% of the preference share capital of the company. Following completion of the transaction, Medica TS Hospital will become a wholly owned subsidiary of Tata Steel. .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)
By combining USTB’s academic expertise with Tata Steel’s industrial capabilities, the partnership aims to accelerate innovation and support sustainable, cleaner steel production. View More
Poco has launched the Poco X8 Pro, X8 Pro Max and the X8 Pro Iron Man edition globally as well as in India. View More
The Indian stock market rose for the second consecutive day on March 17, with Nifty 50 gaining 0.74% and Sensex up 0.65%. Recovery in metal and auto stocks offset losses in tech sectors amid ongoing inflation concerns affecting equities. View More
Jindal Stainless, on Friday, said that the supply crunch of industrial gases has adversely impacted operations at its plants in Haryana and Odisha. View More