Jatindra's Feed
Jul 21, 2015

Vedanta may cut jobs at aluminium unit as prices tank

NEW DELHI/BHUBANESWAR, India (Reuters) – The aluminium business of Vedanta Ltd(VDAN.NS: Quote, Profile, Research) has scaled down operations and may make “huge” job cuts due to low world prices and rising imports, its head told Reuters, urging the government to double the tariffs on foreign supply.

Vedanta, controlled by billionaire Anil Agarwal, is running its main plant at a third of capacity even as global output in the first half of the year rose at its fastest pace since 2010. China, the world’s biggest producer, raised output by 18 percent against world growth of 10.3 percent.

Jul 21, 2015

India’s Vedanta may cut jobs at aluminium unit as prices tank

NEW DELHI/BHUBANESWAR, India, July 21 (Reuters) – The
aluminium business of India’s Vedanta Ltd has scaled
down operations and may make “huge” job cuts due to low world
prices and rising imports, its head told Reuters, urging the
government to double the tariffs on foreign supply.

Vedanta, controlled by billionaire Anil Agarwal, is running
its main plant at a third of capacity even as global output in
the first half of the year rose at its fastest pace since 2010.
China, the world’s biggest producer, raised output by 18 percent
against world growth of 10.3 percent.

Jul 16, 2015

South Korea’s POSCO may scrap planned $12 bln India steel project

NEW DELHI/BHUBANESWAR, India, July 16 (Reuters) – South
Korean steelmaker POSCO could scrap plans for a $12
billion project it agreed to set up in India a decade ago, after
a new law made it costlier to source iron ore for the plant, a
company spokesman told Reuters.

The U.S.-listed shares of POSCO fell as much as 3.3
percent to their lowest in more than six and a half years after
the report.

Jul 16, 2015

POSCO may scrap planned $12 billion India steel project

NEW DELHI/BHUBANESWAR, India (Reuters) – South Korean steelmaker POSCO could scrap plans for a $12 billion project it had agreed to set up in India a decade ago, after a new law makes it costlier to source iron ore for the plant, a company spokesman said.

The 2005 project to set up a steel plant in Odisha was billed as India’s biggest foreign direct investment at the time, but it has encountered a series of delays.

Apr 7, 2015

Police kill 20 stone-throwing sandalwood smugglers – officials

BHUBANESWAR, India (Reuters) – Police shot dead 20 stone-throwing sandalwood smugglers on Tuesday during the biggest operation for years to stamp out trafficking of the rare commodity, law-enforcement authorities said.

Opposition politicians and human rights activists challenged the report, maintaining that those killed in the incident in Andhra Pradesh were only unarmed labourers and calling for an investigation.

Apr 7, 2015

Indian police kill 20 stone-throwing sandalwood smugglers: officials

BHUBANESWAR, India (Reuters) – Indian police shot dead 20 stone-throwing sandalwood smugglers on Tuesday during the biggest operation for years to stamp out trafficking of the rare commodity, law-enforcement authorities said.

Opposition politicians and human rights activists challenged the report, maintaining that those killed in the incident in the southern state of Andhra Pradesh were only unarmed labourers and calling for an investigation.

Feb 5, 2015

South Korea’s POSCO faces another setback in India

NEW DELHI/BHUBANESWAR, India (Reuters) – South Korea’s POSCO (005490.KS: Quote, Profile, Research) will have to bid for an iron ore licence to feed its planned $12 billion steel plant in India, a minister said, in a setback for the company that was expecting the government to allocate it a mine without any competition.

The project to be set up by the world’s sixth-largest steelmaker has been caught up in a regulatory maze for the past decade, but the company had waited in the hope of getting preferential access to iron ore in Odisha.

Jan 23, 2015

Arrested Indian accused of passing secrets to Pakistan’s ISI

BHUBANESWAR, India (Reuters) – The police arrested a 35-year-old man on Friday in Odisha, accusing him of passing military secrets to Pakistan’s Inter-Services Intelligence (ISI) agency.

Police said Ishwar Chandra Behera was passing on information about missile activities conducted at a unit of India’s Defence Research & Development Organisation, where he worked as a cameraman.

Jan 7, 2015

Coal India unions call off strike in relief for govt

NEW DELHI/BHUBANESWAR (Reuters) – Coal India Ltd (COAL.NS: Quote, Profile, Research) unions, protesting against a move to open up the industry to private firms, called off a five-day strike on its second day on Wednesday after a meeting with the coal and power minister, staving off a looming power crisis.

The company accounts for about 80 percent of India’s total output and strikes have previously crippled power plants, hampering government efforts to reform the coal industry. Coal fuels 60 percent of the country’s power production.

Jan 7, 2015

Coal India unions call off strike in relief for Modi government

NEW DELHI/BHUBANESWAR, India, Jan 7 (Reuters) – Coal India
Ltd unions, protesting against a move to open up the
industry to private firms, called off a five-day strike on its
second day on Wednesday after a meeting with the coal and power
minister, staving off a looming power crisis.

The company accounts for about 80 percent of India’s total
output and strikes have previously crippled power plants,
hampering government efforts to reform the coal industry. Coal
fuels 60 percent of the country’s power production.