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Domestic mills are developing specialized grades for oil and gas pipelines, but limited volumes and high prices are keeping the pipe maker dependent on imports. View More
Jindal Stainless plans a Rs 900 crore investment to expand its cold rolling capacity. This expansion will support rising demand from key industrial sectors. The company is also planning a significant Rs 40,000 crore manufacturing facility in Maharashtra. This new plant will produce specialized steel grades for emerging strategic sectors. Jindal Stainless reported strong financial performance and progress towards sustainability goals. View More
New Delhi, Jindal Stainless is investing Rs 900 crore to increase its cold rolling capacity to cater to the rising demand of the product from sectors such as automotive , appliances, and food processing, the company's Managing Director Abhyuday Jindal said. The investment will increase the company's cold rolling capacity from 2.05 MTPA to 2.67 MTPA by FY28, he said in the company's annual report for FY26. Besides upstream, the company is also making significant investments to build up its downstream capabilities, the industry executive said. "Our Rs 900 crore investment across Hisar and Kharagpur, along with new hot rolled annealing, pickling, and cold rolling facilities at Jajpur, will...support a higher-value mix for automotive, appliances, food processing, and industrial applications," Jindal said. Cold rolling is a precision metalworking process that shapes and compresses steel without heat. This method enhances structural strength, tightens dimensional tolerances, and delivers a smooth, high-quality surface finish, making cold-rolled sheet metal essential for high-precision, high-durability applications. Live Events About the Maharashtra project, he said the proposed facility will improve logistics efficiency, support import substitution, and serve high-growth strategic sectors. Jindal Stainless is in the process of identifying a site for its proposed Rs 40,000-crore stainless steel manufacturing facility in Maharashtra, where it will produce specialised grades of steel for critical applications in emerging sectors such as hydrogen, nuclear energy, defence, mobility, infrastructure, and process industries. Jindal further said that during FY26, renewable sources accounted for nearly 47 per cent of total electricity consumption across its Hisar and Jajpur facilities. The company also maintained approximately 70 per cent recycled scrap utilisation in its electric arc furnace-based manufacturing process and continued to progress towards its targets of reducing Scope 1 and Scope 2 emissions by 50 per cent by 2035 and achieving net zero by 2050. Sharing financial details, the MD said that in FY26, consolidated revenue of his company stood at Rs 42,955 crore, while EBITDA increased 19.2 per cent year-on-year to Rs 5,560 crore and profit after tax grew 27.4 per cent to Rs 3,185 crore. Finished goods sales volume reached a record 2.57 million tonnes during the year, while the balance sheet remained strong with a net debt-to-equity ratio of 0.15x, providing the financial flexibility to support future growth investments. .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;width: 100%;box-sizing: border-box} .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 imported around 244.2 million tonne of non-coking and metallurgical coal in FY2025-26, broadly unchanged from about 245.3 million tonne in the previous financial year View More
The NCLAT upheld an NCLT order initiating insolvency proceedings against a personal guarantor. This decision involved Asif Ahmed Siddique, a guarantor for Nyka Steel. The tribunal found the guarantor's liability extended beyond the initial capped amount. It also noted the guarantor signed the credit facility renewal in 2018. View More
New Delhi: The National Company Law Appellate Tribunal ( NCLAT ) has upheld an order passed by the NCLT, directing insolvency proceedings against a personal guarantor of Mumbai-based Nyka Steel . A two-member bench of the appellate tribunal upheld a February 3, 2026 order of the National Company Law Tribunal (NCLT), Mumbai, which had admitted UCO Bank 's plea to initiate insolvency proceedings against Asif Ahmed Siddique . Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016 allows creditors to start insolvency proceedings against debtors, which includes personal guarantors and partnership firms. Read More: India's small steelmakers could save money and cut emissions with switch to renewable power Nyka Steel is already undergoing a Corporate Insolvency Resolution Process (CIRP) before the NCLT. Live Events The petitioner had argued that no fresh deed of personal guarantee was executed for the April 12, 2018 sanction letter renewing and enhancing credit facilities to the corporate debtor, and that his guarantee covered only loans sanctioned in 2013 and 2017. He also contended that the contractual exposure under the Deeds of Guarantee was capped at Rs 40 crore and the liability of the guarantor could not have been enlarged beyond the terms of the contract. The bank had issued demand notices in September 2023 and November 2024, raising claims of Rs 51.76 crore and Rs 96.23 crore, respectively. Read More: Jindal Stainless scouting Maharashtra site for Rs 40,000 crore plant The NCLAT, however, held that while the Deed of Guarantee dated December 12, 2017, capped the principal liability at Rs 40 crore, it separately provided for interest at 12.70 per cent per annum from the date of demand, meaning the total outstanding could exceed the capped amount. The tribunal also noted that the petitioner had himself signed the April 2018 renewal of credit facilities, and since his 2017 guarantee was a continuing one, it could not be argued that it excluded the 2018 sanction. Rejecting the appellant's other contentions, the NCLAT held that a lender's failure to first pursue RBI's rehabilitation framework for MSMEs does not extinguish an existing default or bar insolvency proceedings under the IBC. It also held that the moratorium under Section 14 of the IBC does not extend to personal guarantors, citing the Supreme Court's ruling in the case of State Bank of India vs V Ramakrishnan. It said that a guarantor's liability survives even after approval of a resolution plan, per the apex court's verdict in Lalit Kumar Jain vs Union of India. "The appeal has no merits and is accordingly dismissed without issuance of any formal notice," said the bench comprising Officiating Chairperson Justice Yogesh Khanna and Technical Member Ajai Das Mehrotra. .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;width: 100%;box-sizing: border-box} .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)
Along with the fresh issue, the IPO would comprise an offer for sale (OFS) of 50 lakh shares by promoter Sumit Jindal View More
Vedanta Limited has emerged as the successful bidder for the Punnam manganese block, marking a significant step in enhancing its diverse metals and mining portfolio. Situated in Andhra Pradesh, the block is currently undergoing initial G4 exploration. This acquisition is poised to improve local resource availability, reduce dependency on imports, and ensure a steady supply of manganese ore, which is crucial for steel production. View More
Vedanta Ltd on Friday said it has been declared the successful bidder for the Punnam manganese block in Andhra Pradesh. Spread over 152 hectares, the block is currently at the G4 stage of exploration which is the initial phase of mineral exploration focusing on geological broad-scale surveys to identify potential mineral. Read more - Reliance Industries, Rolls-Royce announce strategic intent to partner on indigenous AMCA combat engine "The company has been declared as successful bidder in respect of Punnam Manganese Block in the state of Andhra Pradesh after fulfilling required statutory compliances via letter dated August 13, 2026," Vedanta Ltd said in a filing to BSE. Vedanta said the acquisition of this manganese block will further strengthen the company's diversified metals and mining portfolio while contributing to the country's growing manganese requirements by enhancing domestic resource availability and reducing dependence on imports. Live Events Manganese ore is a key input for producing ferro-manganese and silico-manganese alloys, which are essential for imparting strength and toughness to steel. Vedanta Ltd is a leading global producer of metals, critical minerals and technology. The company has operations across India, Africa, the Middle East and East Asia. .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;width: 100%;box-sizing: border-box} .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)
