Chief Correspondent, Commodities, India
Krishna's Feed
Jan 22, 2014

India coal imports up 21 pct in 2013 -OreTeam

NEW DELHI, Jan 22 (Reuters) – India’s coal imports rose 21
percent to 152 million tonnes last year as power producers
bought more due to low prices and a domestic shortage, research
firm OreTeam said, adding that shipments could rise to 170
million tonnes this year.

Bureaucratic, environmental and legal delays in adding new
mines and expanding existing ones have made India the No. 3
importer of coal, behind China and Japan, even though it sits on
what BP Plc ranks as the world’s fifth-largest reserves.

Jan 16, 2014

India PM: POSCO to start work on steel plant in coming weeks

NEW DELHI, Jan 16 (Reuters) – South Korea’s POSCO
will be able to start work on its planned
$12-billion Indian steel plant over the coming weeks, India’s
prime minister said on Thursday, ending an eight year delay for
environmental and legal clearances.

Manmohan Singh said the firm’s request for an iron ore
mining licence – the final regulatory hurdle for the project
which would be the biggest foreign direct investment in India -
was at an “advanced stage of processing”.

Jan 16, 2014

PM: POSCO to start work on steel plant in coming weeks

NEW DELHI (Reuters) – South Korea’s POSCO (005490.KS: Quote, Profile, Research) will be able to finally start work on its planned $12-billion Indian steel plant over the coming weeks, India’s prime minister said on Thursday, after being stuck on the drawing board for eight years.

Manmohan Singh also said the firm’s request for an iron ore mining license – the final regulatory hurdle for the project which would be the biggest foreign direct investment in India – was in “advanced stage of processing”.

Jan 9, 2014

Environment nod to lift cost of POSCO’s India plant to $12.6 bln

NEW DELHI, Jan 9 (Reuters) – India’s environment ministry
has given its go-ahead to POSCO’s planned steel
plant in the country, but has asked it to spend on “social
commitments”, a company spokesman said, raising the project’s
cost by $600 million to $12.6 billion.

The revalidation of the South Korean firm’s lapsed
environmental clearance comes days before the country’s
president, Park Geun-hye, visits India for four days starting
Jan. 15.

Jan 9, 2014

2013 iron ore exports halve, Goa ban hurts: research firm

NEW DELHI (Reuters) – India’s iron ore exports more than halved to 14 million tonnes in 2013 due to a mining and shipment ban in top exporting state Goa, research firm OreTeam said, but the situation could improve this year as some restrictions are likely to be eased.

The ban, imposed in 2012 to clamp down on illegal mining following a similar step in Karnataka in 2011, has cut India’s iron ore exports by about 85 percent, or 100 million tonnes, over the past two years.

Jan 9, 2014

India’s 2013 iron ore exports halve, Goa ban hurts -research firm

NEW DELHI, Jan 9 (Reuters) – India’s iron ore exports more
than halved to 14 million tonnes in 2013 due to a mining and
shipment ban in top exporting state Goa, research firm OreTeam
said, but the situation could improve this year as some
restrictions are likely to be eased.

The ban, imposed in 2012 to clamp down on illegal mining
following a similar step in Karnataka in 2011, has cut India’s
iron ore exports by about 85 percent, or 100 million tonnes,
over the past two years.

Jan 3, 2014

India scraps AgustaWestland helicopter deal, agrees to arbitration

NEW DELHI (Reuters) – India cancelled its $770 million helicopter deal with Italian defense group Finmeccanica’s AgustaWestland unit on Wednesday over what it termed a breach of integrity, but agreed to take part in an arbitration process.

India froze payments for the 12 AW101 helicopters after Finmeccanica’s then chief executive was arrested in February for allegedly paying bribes to secure the deal, embarrassing the New Delhi government before parliamentary elections due by May 2014.

Jan 1, 2014

Stung by curbs, iron ore firms throw in the towel

Codli Village, INDIA/SINGAPORE (Reuters) – Top trader MMTC’s (MMTC.NS: Quote, Profile, Research) $80 million iron ore export terminal, ready since 2010, has never handled a cargo. Now the company wants to spend $16 million to convert the terminal to ship coal.

Bans on iron ore mining and exports in top producing states of Karnataka and Goa have choked the industry so hard that MMTC is one of many firms exiting. Even if efforts to fully lift the bans make it past the many bureaucratic and legal hurdles, iron ore miners do not expect complete resumption of production until late 2014.

Jan 1, 2014

Stung by curbs, Indian iron ore companies throw in towel

Codli Village, INDIA/SINGAPORE, Jan 2 (Reuters) – Top Indian
trader MMTC’s $80 million iron ore export terminal,
ready since 2010, has never handled a cargo. Now the company
wants to spend $16 million to convert the terminal to ship coal.

Bans on iron ore mining and exports in India’s top producing
states of Karnataka and Goa have choked the industry so hard
that MMTC is one of many firms exiting. Even if efforts to fully
lift the bans make it past the many bureaucratic and legal
hurdles, iron ore miners do not expect complete resumption of
production until late 2014.

Jan 1, 2014

India agrees to arbitration on scrapped AgustaWestland helicopter deal

NEW DELHI (Reuters) – India agreed to take its $770 million helicopter deal with Italian defense group Finmeccanica’s (SIFI.MI: Quote, Profile, Research, Stock Buzz) AgustaWestland unit to arbitration while formally cancelling the agreement on Wednesday over what it termed a breach of integrity.

India’s Defense Ministry appointed a former judge as its arbitrator on Wednesday but said in a statement it believed “integrity-related issues are not subject to arbitration”.

    • About Krishna

      "I lead the India commodities team for Reuters in New Delhi. I cover the coal, metals and mining industries with a focus on government policy. Before coming to the capital in April 2013, I headed two teams of reporters covering small-and-medium-sized U.S./Canada-listed energy and resources companies."
      Joined Reuters:
      August, 2009
      Languages:
      Assamese
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