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The Supreme Court has backed a High Court decision against Vedanta. The company will not get cheaper diesel. This is because Vedanta used the fuel for purposes beyond mining. It was resold to transporters and private parties. The court found this violated tax registration rules. Tax authorities denied Form C, impacting Vedanta's tax claims. View More
New Delhi: The Supreme Court on Friday upheld the Bombay High Court 's ruling that Vedanta is not entitled to procure high speed diesel (HSD) at concessional rates against Form C, as the fuel was used beyond specified purposes. The high court had found that Vedanta used HSD for purposes other than mining, including resale to transporters and private parties. It noted that the company's tax registration certificate restricted the use of fuel to running and maintenance of machinery for mining and processing iron ore for sale. Vedanta had obtained tax registration under the Goa Value Added Tax Act and the Central Sales Tax Act, which was renewed periodically. After the introduction of the goods and services tax regime in 2017, the company migrated to the new system but continued to pay central sales tax on HSD purchases and retained its VAT registration. Tax authorities denied issuance of Form C, stating that Vedanta had ceased to be a dealer under the Central Sales Tax Act and that its registration had become infructuous. The department argued that the company was attempting to use Form C to avoid local value added tax of 19% on diesel purchased from Karnataka by availing a concessional rate of 2%. The country’s most definitive MSME stage returns on March 24 in New Delhi. Register now for the ET MSME Awards 2025 .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)
Punjab Chief Minister Bhagwant Mann inaugurated Tata Steel's new electric arc furnace in Ludhiana. This facility, built with an investment of nearly Rs 3,200 crore, uses scrap to produce steel. It is designed for lower carbon emissions and will utilize renewable energy. The plant will produce construction grade steel rebar under the Tata Tiscon brand. View More
Ludhiana/New Delhi, Punjab Chief Minister Bhagwant Mann on Friday inaugurated Tata Steel 's state-of-the-art scrap-based electric arc furnace built with an investment of nearly Rs 3,200 crore. Speaking on the occasion, Mann said the state government offers a congenial environment for the industry to flourish. The 0.75 million tonne per annum (mtpa) scrap-based facility is designed to achieve CO₂ emissions less than 0.3 tonnes per tonne of steel, Tata Steel said. According to a company statement, Tata Steel Friday marked a historic milestone in the company's journey toward sustainable steelmaking with the introduction of its scrap-based Electric Arc Furnace (EAF) facility at Hi-Tech Valley, Ludhiana. "As India accelerates its transition towards a climate-resilient future, sustainability has become a national imperative - one that demands urgent, collective action. The EAF reflects Tata Group's long-term commitment to building a greener, more resilient industrial future," Tata Steel Chairman N Chandrasekaran said. Live Events Mann and Chandrasekaran were present on the occasion, along with T V Narendran, CEO & Managing Director, Tata Steel, and other senior government officials and company representatives. "The Ludhiana EAF marks a defining milestone in Tata Steel's journey towards achieving net zero by 2045. It reflects how Tata Steel is rethinking capital investment for circular economy -- by backing technologies that reduce resource intensity while remaining globally competitive," Narendran said, thanking the Punjab government for its support. Designed to support low-carbon steelmaking, the plant will use nearly 50 percent renewable energy. The state-of-the-art facility will use 100 per cent steel scrap as raw material, sourcing 40 per cent scrap from the company's steel recycling plant in Rohtak, Haryana. The plant would produce construction grade steel rebar under the company's flagship retail brand ' Tata Tiscon ', which would enable Tata Steel to further augment its market presence in the construction segment. Tata Steel is among India's leading steel making company producing steel from blast furnace route at its plants in Jamshedpur (Jharkhand) and Kalinganagar (Odisha). The country’s most definitive MSME stage returns on March 24 in New Delhi. Register now for the ET MSME Awards 2025 .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 has launched its first scrap-based electric arc furnace in Ludhiana. This facility will significantly reduce carbon emissions. The plant uses 100% steel scrap and nearly 50% renewable energy. It aims to produce construction-grade steel rebars. This move aligns with Tata Steel's Net Zero goal by 2045 and supports India's climate-resilient future. View More
MUMBAI: Tata Steel , the oldest Asian manufacturer of the infrastructure alloy, Friday opened its first ever scrap-based electric arc furnace (EAF), built at a cost of Rs 3,200 crore, to help drastically slash emissions. The Ludhiana facility, the company said, will have a capacity of 750,000 tonne. The plant’s CO2 emissions will be less than 0.3 tonnes for every tonne of steel produced; this compares to the company’s average emissions of around 2.2 tonne per tonne of steel produced. “The Ludhiana EAF marks a defining milestone in Tata Steel’s journey towards achieving Net Zero by 2045,” managing director TV Narendran said. “It reflects how Tata Steel is rethinking capital investment for a circular economy - by backing technologies that reduce resource intensity while remaining globally competitive.” Construction for this plant had started late in 2023. The plant will use nearly 50% renewable energy , and 100% steel scrap as raw material. About 40% of this raw material will be sourced from the company’s steel recycling plant at Rohtak in Haryana. Live Events The plant will produce construction-grade steel rebars under the brand ‘Tata Tiscon’. This will help Tata Steel to further augment its market presence in the construction segment, the company said in a statement. “As India accelerates its transition towards a climate-resilient future, sustainability has become a national imperative - one that demands urgent, collective action,” N Chandrasekaran, the chairman of Tata Steel said. “Tata Steel’s Ludhiana Electric Arc Furnace reflects Tata Group’s long-term commitment to building a greener, more resilient industrial future.” Currently the second producer of steel in India, Tata Steel currently has an annual production capacity of over 26 million tonne in the country. It plans to add 4.8 million tonne of production capacity at Neelachal Ispat Nigam, where it will produce long products. On the west coast, the company is planning to develop a 6 million tonne greenfield capacity in Maharashtra. In the UK, Tata Steel is currently transitioning to a 3 million tonne electric arc furnace, whereas in the Netherlands, it has signed a non-binding joint letter of intent with the Dutch government and the province of North Holland on decarbonization and health measures. The country’s most definitive MSME stage returns on March 24 in New Delhi. Register now for the ET MSME Awards 2025 .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)
On March 20, the Indian stock market ended positively, with the Nifty 50 up 0.50% and the Sensex up 0.45%. IT and pharma sectors led gains, but real estate stocks continued to decline. Weekly losses persisted for the fourth consecutive week amid higher crude oil prices. View More
Tata Steel has opened its new scrap-based Electric Arc Furnace facility in Ludhiana. This Rs 3,200 crore plant will produce construction-grade steel rebar. The unit is designed for low-carbon steelmaking, using 100% steel scrap. This move supports India's transition to a climate-resilient future and reinforces Tata Steel's commitment to a greener industrial future. View More
Tata Steel inaugurated its first scrap-based Electric Arc Furnace (EAF) facility at Hi-Tech Valley in Ludhiana on Friday, built with an investment of Rs 3,200 crore. The unit has a capacity of 0.75 million tonnes per annum and is designed to achieve CO₂ emissions less than 0.3 tonnes per tonne of steel. The plant would produce construction-grade steel rebar under the company’s flagship retail brand ‘ Tata Tiscon ’, which would enable Tata Steel to further augment its market presence in the construction segment. Tata Steel Chairman N Chandrasekaran and Punjab Chief Minister Bhagwant Singh Mann attended the ceremony along with T V Narendran , CEO & Managing Director, Tata Steel and other senior government officials and Company representatives. The furnace facility is designed to support low-carbon steelmaking as it will use 100% steel scrap as raw material, sourcing 40% scrap from Tata Steel's recycling plant in Haryana. “As India accelerates its transition towards a climate-resilient future, sustainability has become a national imperative - one that demands urgent, collective action. Tata Steel’s Ludhiana Electric Arc Furnace reflects Tata Group ’s long-term commitment to building a greener, more resilient industrial future,” said N Chandrasekaran, Chairman, Tata Steel. Live Events CEO & MD Narendran noted that the unit reflects how Tata Steel is rethinking capital investment for circular economy - by backing technologies that reduce resource intensity while remaining globally competitive. The country’s most definitive MSME stage returns on March 24 in New Delhi. Register now for the ET MSME Awards 2025 .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)
Godawari Power share price has remained flat in one month, but has risen 12% in three months. The stock has rallied 45% in one year and has jumped 100% in two years. Godawari Power shares have delivered multibagger returns of 722% in five years. View More
Negotiations for Thyssenkrupp's steel division sale to Jindal Steel International are stalled. Labour representatives have not received answers to their questions. Discussions between Thyssenkrupp AG and Jindal are taking longer than anticipated. This lack of progress leaves workers in uncertainty. The deal's future remains unclear as delays persist. View More
Talks to sell Thyssenkrupp's steel division to India's Jindal Steel International are not making progress and the long-awaited deal must not be stalled for months, the German company's deputy supervisory board chairman said on Friday. Juergen Kerner , who is also the deputy head of Germany's IG Metall trade union, said labour representatives had presented Jindal, which has been doing due diligence on Thyssenkrupp's steel unit, also known as TKSE, since October, with a detailed questionnaire. WORKERS LEFT IN LIMBO "We were promised answers, but these have subsequently been postponed several times. Apparently, the discussions between Thyssenkrupp AG and Jindal are taking longer than expected," Kerner said in a statement. "So things are not moving forward, and that is a bad thing," Kerner said because workers could not "afford to be left in limbo for months". In September, Jindal made a non-binding bid for TKSE, Europe's No. 2 steelmaker, creating a new opportunity for parent Thyssenkrupp to part with a volatile business that it has sought to sell for years. A Thyssenkrupp spokesperson said talks with Jindal Steel were ongoing, also referring to comments by CEO Miguel Lopez last week, who said that discussions covered valuation and future investments and that TKSE would be made fit for the future, with or without Jindal. Live Events Jindal Steel International had no immediate comment. Earlier this month, Flacks Group, a U.S. investor in distressed assets, signalled it could step in as potential buyer of TKSE if current talks fall through. Lopez said in February that planned EU measures to protect the bloc's struggling steel sector have boosted investor sentiment and strengthened Thyssenkrupp's position in the talks with Jindal. A solution for TKSE, which is closely tied to Germany's industrial history, is seen as the centrepiece of the CEO's strategy to turn the sprawling group into a holding. The country’s most definitive MSME stage returns on March 24 in New Delhi. Register now for the ET MSME Awards 2025 .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)
Inconsistent plant-level reporting has derailed baseline setting, delaying India’s carbon trading rollout as policymakers race to align with EU carbon rules and avoid double compliance costs. View More