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William Butler Yeats' quote highlights the importance of taking an action in the moment, instead of waiting for the perfect time. It addresses the issue of procrastination directly and suggests that if we keep waiting for the right time, it may never come. View More
India imposed a provisional anti-dumping duty on low-ash metallurgical
coke - known as ?met coke - imports in December for six months View More
India's Steel Ministry wants finance ministry to remove import duties on met coke. Domestic supplies are low and prices are high. Steel manufacturers face financial strain. State-run RINL struggles to get enough met coke at good prices. Small and medium steelmakers also face challenges. The domestic market is not meeting the industry's needs. View More
India's Ministry of Steel has asked the finance ministry to withdraw anti-dumping tariffs on low-ash metallurgical coke imports, citing inadequate domestic supplies and higher prices, according to a government document reviewed by Reuters. India, the world's second-largest crude steel producer, imposed a provisional anti-dumping duty on imports of low-ash metallurgical coke - known as met coke - in December for six months. India primarily imports met coke from China, Indonesia, Poland, Japan and Switzerland. Import volumes are down sharply since the curbs were imposed, industry experts say. "Concerns have emerged regarding the limited availability of met coke in the domestic market and a substantial increase in domestic prices following the imposition of ADD, which has imposed a significant financial burden on steel manufacturers," the steel ministry said in an office memorandum dated May 18, referring to anti-dumping duties with an acronym. The ministries did not respond to emails from Reuters seeking comment. Live Events The steel ministry highlighted the difficulties faced by state-run Rashtriya Ispat Nigam Ltd (RINL), saying the company had been unable to procure adequate quantities of met coke at reasonable prices from the domestic market, resulting in a 20% rise in input costs. CONCERNS FOR SMALL AND MEDIUM-SIZED STEELMAKERS RINL, which is undergoing a government-backed financial revival, has seen its operational viability and competitiveness adversely affected by inadequate supplies of met coke, the steel ministry memorandum said. RINL did not respond to a Reuters email seeking comment. The ministry also flagged concerns for small and medium-sized steelmakers, which rely heavily on merchant suppliers for met coke. "The domestic market has not been able to ensure adequate availability of met coke at competitive rates to meet the requirements of the steel industry," it said. Steel mills have struggled to procure met coke ever since the government introduced import curbs from January last year. Major steelmakers, including JSW Steel and ArcelorMittal Nippon Steel India, have also raised concern about the impact of the curbs on steel production in the country. In 2025, met coke imports fell 21% to 3.81 million metric tons compared to a year ago, according to data from commodities consultancy BigMint. India's steel mills secured only about half of their metallurgical coke needs from domestic suppliers in the first half of 2025, Reuters reported in October. .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 and six nations have approached the World Trade Organization regarding the UK's new steel import restrictions. These measures, set to reduce tariff-free quotas significantly, are a concern for trade. India has urged the UK to adopt less trade-restrictive solutions. The issue is a hurdle for the India-UK economic pact. View More
New Delhi: India, along with six other countries, has reached out to the World Trade Organization (WTO), raising concern over the UK's latest steel safeguard measures that seek to limit tariff-free steel imports . At the WTO's Council for Trade In Goods meeting Wednesday, New Delhi asked the UK to find solutions that are least trade-restrictive in nature. Also read: UK's Scotch whisky body hopes for 'swift' India FTA implementation The issue remains a sticking point in implementation of the India-UK compressive economic and trade agreement (CETA) signed on July 24, 2025. The pact was expected to come into force this month, but now the two sides are trying to work out a "creative solution" to ensure the deal is implemented "at an early date". The proposed measure by the UK is slated to come into effect July 1, reducing the overall quota volumes by 60% compared to the earlier steel safeguard measures. Any imports exceeding these levels will now face a 50% tariff. Live Events Earlier, the UK had in place safeguard measures that also imposed import quotas . The new measures reduced that quota. "India said it remains engaged with the UK in addressing our concerns on this important sectoral issue," said an official aware of the WTO meeting. "We request the UK to find solutions which are least trade-restrictive in nature." Brazil, Turkiye, Switzerland and Australia also flagged their concerns on the measure, besides Japan and Korea who initiated the discussions. .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 UK defended the measures as necessary to protect domestic steelmaking capacity, even as the issue threatens to complicate implementation of the India-UK trade agreement View More
While backing global opposition against the July 1 tariff hikes, New Delhi is working bilaterally with London on a ‘creative’ solution to break the FTA deadlock. View More
A former Tata Sons executive opposes a public listing. He believes an IPO could change the group's structure and social mission. Listing might create pressure for quick profits, impacting long-term investments. Tata Sons faces regulatory pressure to list due to its asset size. The group's unique ownership, with Tata Trusts holding a majority stake, supports its philanthropic goals. View More
A former senior Tata executive has argued against listing Tata Sons , saying an IPO could fundamentally alter the group's long-standing structure, dilute its social purpose and create pressure for short-term financial returns. In a newspaper column with ToI, former Tata Sons vice chairman N A Soonawala said the group's ownership model has historically allowed it to support struggling companies and pursue long-term investments without the pressure of public markets. "The argument that Tata Sons would inevitably be accountable to institutional and foreign shareholders, whose primary focus would be financial returns, is doubtful," Soonawala wrote. He added that public shareholders may not accept “substantial deployment of capital to support or rescue group companies in distress". His comments come at a time when Tata Sons is facing growing pressure to list. The revised Reserve Bank rules require large core investment companies with assets above Rs 1 lakh crore, or entities with access to public funds, to be listed unless exempted by the regulator. As of March 2025, Tata Sons had standalone assets of around Rs 1.75 lakh crore, placing it well above the threshold. Live Events Tata Sons, the principal holding company of the Tata group , controls stakes in more than 30 companies including Tata Consultancy Services , Tata Motors and Tata Steel . The group's ownership structure is unusual among large Indian conglomerates. Around 66% of Tata Sons is held by philanthropic entities collectively known as the Tata Trusts, while the Shapoorji Pallonji Group owns 18.4%. Soonawala argued that Tata Sons has historically acted differently from a conventional investment holding company because of its role within the broader Tata ecosystem. He pointed to instances where Tata Sons supported weaker group companies and honoured obligations even in difficult situations. "These decisions were guided by reputation, responsibility and long-term trust, rather than commercial logic," he wrote. The former executive also questioned whether listing would meaningfully unlock value for shareholders. "The argument of improving liquidity for minority shareholders appears limited in scope," he said in the column, noting that Tata group companies already provide investors with direct exposure to operating businesses. Soonawala added that Tata Sons shares are already transferable through private transactions under existing regulations, reducing the need for a public listing solely for liquidity purposes. The comments come amid increasing debate within the Tata ecosystem over the future structure of Tata Sons. The Shapoorji Pallonji Group, which has been dealing with high debt levels, has long pushed for greater monetisation of its Tata Sons stake. Analysts have said a listing could potentially help discover the holding company’s valuation and improve liquidity for minority shareholders. However, Soonawala argued that listed investment holding companies often trade at discounts to their underlying asset values, raising doubts over whether an IPO would significantly improve valuations. He also warned that listing could complicate the group’s ownership structure because Tata Trusts use dividend flows from Tata Sons to fund charitable and social initiatives. "Around 66% is held by Tata Trusts, reflecting the founder’s vision of combining enterprise with philanthropy," he wrote. Listing, he said, could introduce pressure around distribution and retention of funds and dilute that model over time. The Tata Trusts themselves have seen internal discussions around the issue. Noel Tata, who currently chairs the trusts and also sits on the Tata Sons board, is overseeing the group during a period of regulatory and structural transition. Soonawala further cautioned that forcing Tata Sons into a listed structure could disrupt a governance model that has evolved over more than a century. "Such a transformation may irreversibly alter its character," he said, urging regulators to consider the group’s unique structure before taking a final decision. The RBI retains discretionary powers to exempt companies from listing requirements under certain circumstances. .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)
Man Industries (India) Ltd has completed the acquisition of a 100% stake in Saudi Arabia’s National Pipe Company for about USD 102 million (?981 crore) through its subsidiary MISIC. The deal strengthens its international expansion in the pipe manufacturing sector and expands its presence in the Middle East. View More
New Delhi: Man Industries (India) Ltd on Thursday announced the completion of the acquisition of 100 per cent stake in Saudi Arabia-based National Pipe Company Ltd (NPC) for USD 102 million (around Rs 981 crore). The acquisition, through its arm Man International Steel Industries Company (MISIC), aligns with the company's international expansion strategy and is likely to strengthen its global presence in the pipe manufacturing industry, according to an exchange filing. Also Read: L&T opens India's largest skill training institute in PM Modi's hometown Vadnagar It is also likely to provide access to infrastructure , energy, desalination and industrial opportunities in Saudi Arabia and strengthen the company's Middle East and international operations. NPC has an installed manufacturing capacity of approximately 430,000 MT per annum. Live Events "The board of directors of the company at their meeting held today...inter alia, considered and took note of the completion of the transaction in relation to acquisition of 100% equity stake in National Pipe Company Limited (NPC), Kingdom of Saudi Arabia, at a total cost of approx USD 102 million, by Man International Steel Industries Company (MISIC), a wholly ownedsubsidiary of the Company incorporated in the Kingdom of Saudi Arabia," Man Industries (India) Ltd said in the filing. Also Read: Customers have started committing to new product cycles: Tata Technologies MD & CEO Going forward, the facility will also have coating mill with external and internal coating plant to serve Saudi Arabia's growing demand for coated pipeline solutions . NPC caters to oil & gas pipelines, water transmission, infrastructure and industrial projects and serves reputed customers including Saudi Aramco, Saudi Water Authority, Saudi Water Partnership Company, Water Transmission & Technologies Co, KOC (Kuwait), Qatar Petroleum and leading global EPC contractors including McDermott, L&T, SAIPEM and others. .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's largest skill training institute, established by Larsen & Toubro (L&T), was inaugurated in Prime Minister Narendra Modi's hometown of Vadnagar on Thursday. View More
Mehsana: India's largest skill training institute, established by Larsen & Toubro (L&T), was inaugurated in Prime Minister Narendra Modi's hometown of Vadnagar on Thursday. According to the Gujarat government, Larsen & Toubro (L&T), in collaboration with the Gujarat government, has established the Industrial Construction Skills Training Institute (ICSTI) at Vadnagar with world-class training facilities. Two pilot batches comprising 201 students have already graduated from the institute. Out of 201 graduates, 113 candidates accepted work offers on the company's major infrastructure projects with stipends. They are currently working on projects such as the Ahmedabad-Mumbai Bullet Train project, Ahmedabad Metro Rail project, Panipat Refinery project, and a solar power plant in Khambhalia, among others. Read More: Union Minister Nitin Gadkari urges joint ventures with US firms to harness advanced technologies Live Events Similar practical training setups can be seen across the sprawling 9.3-acre campus, where trainees undergo industry-oriented, hands-on training in an environment designed to simulate real industrial worksites. Ronak Kadiya, a resident of Vadnagar and a commerce graduate, learned about the skill training centre two months ago and enrolled in a formwork carpentry course. He is now working on the Ahmedabad-Mumbai Bullet Train project with a stipend. "The institute provides hands-on training, which has helped me immensely. I am now working at the Ahmedabad-Mumbai Bullet Train project site. After my experience, I encouraged my friends to join this skill institute as it offers an opportunity to gain skills along with employment opportunities," said Ronak Kadiya. The ICSTI-Vadnagar offers structured training programmes in construction, manufacturing, and smart world trades. Depending on industry demand and skill requirements, the courses are conducted over durations of 45, 60, or 90 days. More than 20 trades are offered at the Vadnagar institute, the highest number among all skill development centres operated by L&T across the country. "L&T's skills training framework is modelled on the UK's Construction Industry Training Board (CITB) standards. The Construction Skills Training Institute (CSTI) has developed its curriculum with guidance from CITB, ensuring alignment with global best practices," said Niranjan Mishra, Head of L&T ICSTI-Vadnagar. "ICSTI-trained workers are categorised into Level 2, Level 3, or Level 4 based on their respective trade skill sets. Upon successful completion of the training, CSTI-trained candidates are engaged at L&T's major construction and hydrocarbon project sites for a total of 33 months under the National Apprenticeship Promotion Scheme (NAPS) for 24 months and the Prime Minister Internship Scheme (PMIS) for nine months," an official said. Read More: Parle Melody: The ₹1 soft power twist Modi served to Meloni and the world Under the pilot project, two batches comprising 201 candidates graduated in different skill sets. Of them, 113 accepted work offers on the company's major infrastructure projects with stipends. They are currently working on projects such as the Ahmedabad-Mumbai Bullet Train project, Ahmedabad Metro Rail project, Panipat Refinery project, and a solar power plant in Khambhalia, among others. "Upon successful completion of two years under the NAPS programme, candidates become eligible for Front Line Supervisor (FLS) roles and are also offered international placement opportunities, paving the way for career growth within the organisation," said Niranjan Mishra, Head of L&T ICSTI-Vadnagar. The institute in Vadnagar is in line with Prime Minister Narendra Modi's Skill India Mission, which aims to train millions in industry-relevant skills to enhance employability and promote entrepreneurship. The Gujarat government, under the leadership of Chief Minister Bhupendra Patel, is leaving no stone unturned to provide skill development opportunities to the youth of the state through industry tie-ups and the establishment of skill development centres across Gujarat. Training is provided in over 20 trades, including Formwork Carpentry, Bar Bending and Steel Fixing, Scaffolding, Prestressing, Masonry, Plastering, Tiling, Wet Partition, Plumbing and Sanitary, Electrician, Concrete Laboratory and Field Testing, Surveying, Welding, Pipe Fitting, HVAC, Fire Fighting, Plant and Machinery (P&M), Operations and Maintenance (WET), Solar Transmission Tower Erection, ELV Telecommunication, Solar PV Technician, CCTV, FLS, EHS, IoT, and TOT, among others. Trainees are not required to pay any fees, and lodging and boarding are provided free of cost by L&T. Residential hostels for men and women, staff accommodation, dining and kitchen facilities, playgrounds, a meditation and yoga hall, gymnasium, healthcare facilities, entertainment rooms with television and indoor games, as well as logistics and transport hubs, have been set up on the campus. "Here, we provide world-class infrastructure training facilities, including open yards, workshops, and globally benchmarked skill training standards and specifications across various occupations. In addition, trainees gain hands-on experience at ready-to-build factories on concrete and steel elements. As both the industry partner and training provider, we also have the advantage of offering placements to trainees," an official said. The institution at Vadnagar was built in a record six months. Through its CSR arm, L&T signed an MoU with the Gujarat government on March 10, 2025, to develop a Skills Training Institute in Vadnagar. The institute became operational on September 17, 2025, with 201 students enrolled. Coincidentally, the date marked the 75th birthday of Prime Minister Shri Narendra Modi. Any candidate, male or female, between the ages of 18 and 35 can enrol in these courses. The educational qualification depends on the trade. Candidates who have passed Class 5 are eligible for civil trade courses, while ITI certification is required for certain technical courses. .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)