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The acquisition, once completed, will strengthen Tata Steel's business profile because it will help Tata Steel to further solidify its geographical footprint in eastern India.
Tata Steel last week said it had executed definitive agreements for the acquisition of Usha Martin's steel business for Rs 4,300-4,700 crore through a slump sale on a going concern basis.
Usha Martin is amongst the largest wire rope manufacturers in the world and a leading speciality steel producer in India.
14-year-old Thrissur-based Nihal Sarin is India’s 53rd grandmaster (GM), second youngest International Master in Indian history and third youngest in the world.
India’s steel sector consolidation will drive improvement in the industry’s capacity utilisation levels and mute the pressure on profitability, Moody's said.
Meanwhile, Sen said that at its Kalinganagar plant Tata Steel has already commenced that phase II of its expansion which would take the capacity of the unit from three million tonnes per annum.
The statement comes amid reports that Tata Steel has started the process of cancelling PPAs between Bhushan Steel and Bhushan Energy in a bid to cut costs.
SIMA Director Deependra Kashiva has informed the ministry about problems being faced by sponge iron makers with regard to raw materials and requested to take measures to address the issue.
The top Tata Steel official also hailed the initiatives taken by the state and the Union government for the betterment of the steel sector.
The committee of creditors (CoC) has asked the BPSL bidders, including Tata Steel and JSW Steel, to submit their final bids by tomorrow morning to acquire assets of the debt-ridden firm.
Led by losses in these stocks, the BSE metal index declined 3.12 per cent to close at 11,857.27.
The company's chairman and chief executive both resigned this month following pressure from activist shareholders demanding a restructuring of the conglomerate.
T V Narendran CEO and MD of Tata Steel, has more than 30 years of experience in metal and mining industry.
The Supervisory Board of German steel major Thyssenkrupp on Friday accepted the resignation of its chief executive officer Heinrich Hiesinger in 'mutual agreement.'
Thyssenkrupp and Tata Steel on Saturday agreed to merge their European steel activities into a 50-50 joint venture.