Chief Correspondent, Commodities, India
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Aug 12, 2014

Bhushan Steel says servicing debt so far

NEW DELHI (Reuters) – Bhushan Steel Ltd (BSSL.NS: Quote, Profile, Research), a debt-ridden company whose managing director was arrested last week in a bribery case involving a bank chairman, has so far been able to service its loans, its finance director told Reuters on Tuesday.

The Central Bureau of Investigation (CBI), India’s top crime-fighting agency, arrested Sudhir Kumar Jain, the chairman of mid-sized state-run lender Syndicate Bank Ltd (SBNK.NS: Quote, Profile, Research) earlier this month over allegations of taking bribes to grant loan extensions to Bhushan Steel.

Aug 12, 2014

India’s Bhushan Steel says servicing debt so far

NEW DELHI, Aug 12 (Reuters) – India’s Bhushan Steel Ltd
, a debt-ridden company whose managing director was
arrested last week in a bribery case involving a bank chairman,
has so far been able to service its loans, its finance director
told Reuters on Tuesday.

The Central Bureau of Investigation (CBI), India’s top
crime-fighting agency, arrested Sudhir Kumar Jain, the chairman
of mid-sized state-run lender Syndicate Bank Ltd
earlier this month over allegations of taking bribes to grant
loan extensions to Bhushan Steel.

Aug 11, 2014

Steel consortium undecided on size of Afghan iron ore investment

NEW DELHI (Reuters) – A consortium led by the Steel Authority of India (SAIL) (SAIL.NS: Quote, Profile, Research) has yet to decide how much it will commit to an iron ore project in Afghanistan that was originally supposed to be a $10.8 billion investment, SAIL’s chairman said on Monday.

The steel ministry said in December that the group had proposed new terms and planned to invest about $2 billion in three iron ore mines and a steel plant.

Aug 11, 2014

Indian consortium undecided on size of Afghan iron ore investment

NEW DELHI, Aug 11 (Reuters) – An Indian consortium led by
the Steel Authority of India (SAIL) has yet to decide
how much it will commit to an iron ore project in Afghanistan
that was originally supposed to be a $10.8 billion investment,
SAIL’s chairman said on Monday.

India’s steel ministry said in December that the group had
proposed new terms and planned to invest about $2 billion in
three iron ore mines and a steel plant.

Aug 7, 2014

India considering report on Coal India restructuring-minister

NEW DELHI, Aug 7 (Reuters) – India’s coal ministry said it
was studying the recommendations of consultants Deloitte on
restructuring options for Coal India, the state
behemoth that has failed to meet its output target for years
despite having access to large reserves.

A government committee has urged the ministry to restructure
the world’s largest coal miner to help reduce shortage of the
fuel, which accounts for more than two-thirds of the power
generated in the country.

Aug 7, 2014

Corrected – In cat-and-mouse game, India uncovers new gold smuggling route

NEW DELHI/SINGAPORE (Reuters) – (Corrects figure in Aug 1 story in 7th paragraph to 150-200 tonnes, not 200-250 tonnes)

India is scrambling to crack down on a new gold smuggling tactic that it fears could accelerate a flood of illegal imports of the precious metal into the world’s second-biggest buyer.

Aug 1, 2014

Corrected – ICVL to nearly triple coal output from mine bought from Rio Tinto

NEW DELHI (Reuters) – (Corrects transportation cost in penultimate paragraph to $60/T, not $60 mln)

An Indian group that has agreed to buy Rio Tinto’s (RIO.L: Quote, Profile, Research) (RIO.AX: Quote, Profile, Research) Benga mine in Mozambique plans to nearly triple production from there to up to 13 million tonnes per year in three years, the group’s chairman told Reuters on Thursday.

Jul 31, 2014

In cat-and-mouse game, India uncovers new gold smuggling route

NEW DELHI/SINGAPORE, Aug 1 (Reuters) – India is scrambling
to crack down on a new gold smuggling tactic that it fears could
accelerate a flood of illegal imports of the precious metal into
the world’s second-biggest buyer.

India — whose appetite for gold is only rivalled by China
– last year imposed a record 10 percent import duty and made it
mandatory to export a fifth of all bullion imports, seeking to
curb bullion demand that has blown out the trade deficit.

Jul 31, 2014

India group to nearly triple coal output from mine bought from Rio Tinto

NEW DELHI, July 31 (Reuters) – An Indian group that has
agreed to buy Rio Tinto’s Benga mine in
Mozambique plans to nearly triple production from there to up to
13 million tonnes per year in three years, the group’s chairman
told Reuters on Thursday.

Rio Tinto said on Wednesday it would sell the Benga mine and
other projects in Tete province it bought via a $4 billion
acquisition of Riversdale Mining in 2011 for just $50 million to
the group, International Coal Ventures Pvt Ltd (ICVL).

Jul 31, 2014

Some Coal India mines may be run by foreign firms -minister

NEW DELHI, July 31 (Reuters) – India has identified a few of
Coal India’s mining projects that could be operated by
foreign firms, the coal and power minister said, a step aimed at
raising supply from a monopoly that has failed to meet its
output target for years.

Coal India, the world’s top coal miner, has been hobbled by
inefficiency, worker strikes, delays in getting environmental
clearance and other issues.

    • 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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