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SAIL to double capacity to 50 mn tonnes by 2030, starts land bank study

Public sector steel major, Steel Authority of India Limited (SAIL), is looking to more than double capacity to 50 million tonnes (mt) by 2030. In a letter to shareholders, Soma Mondal, chairman, SAIL, said, “In line with the National Steel Policy 2017, your company has formulated its Vision 2030, whereby it is envisaged to enhance the crude steel capacity to 50 mt.” She also mentioned that the company has started working on the land bank study for the next phase of expansion. The message to shareholders was part of the annual report for 2020-2021.

Jindal Steel and Power prepays $106 million debt for Australian arm

JSPL has made a pre-payment of USD 106 million (about Rs 777.4 crore) to the lenders of its arm Jindal Steel & Power (Australia) Ltd. Without sharing further details, the steelmaker said the prepayment has helped the company reduce the "Australian debt" by approximately 50 per cent. In a statement on Wednesday, Jindal Steel and Power Limited (JSPL) said through its step down subsidiary, Jindal Steel & Power (Australia) Ltd it has made a pre-payment of 105.66 million USD (approximately Rs 777.4 crore).

Canada Pension Plan to sell 2% in SBI Life, eyes Rs 2,440 cr at top end

The Canada Pension Plan Investment Board (CPPIB) plans to offload 2 per cent stake in SBI Life Insurance Company on Thursday, according to terms of the deal obtained by Bloomberg. The shares will be offered in the range between Rs 1,159 and Rs 1,220 per share. At the top end, the share sale will fetch Rs 2,440 crore. SBI Life’s shares last closed at Rs 1,220, down 1.64 per cent over its previous day’s close. In case the demand is strong, CPPIB has the option to sell its entire holding. Currently, the Canadian investment manager holds 28.58 million, or 2.86 per cent stake in the life insurance firm.

Hero Motors aims to treble exports, int'l revenue to Rs 3,000 cr by FY24

HMC (Hero Motors Company) Group is aiming to treble its exports and international revenue to Rs 3,000 crore by FY24, driven by high growth in the European and American markets. The group is set to cross Rs 1,000 crore in exports and international revenue this financial year, backed by strong global demand for bicycles, e-bikes and automotive components segments, which would be as much as 92 per cent higher over FY21, HMC Group said in a release. Earlier this year, the group announced its plans to set up a new international headquarters, Hero International (HIT), in London as part of a push towards expanding Hero Cycles overseas business and strengthening its global presence.

Century Plyboards aims 20% CAGR in the next 3 years

Century Plyboards India on Wednesday said it was aiming to grow at 20 per cent over the next three years, a top company official said. The company was also expanding its capacity in MDF and other products. "We are attractively placed to capitalise on the projected upturn in the economy and housing sector. On the back of diversified product portfolio, we expect to grow revenues at the rate of 20 per cent compounded across the next three years, around existing margins," Century Ply chairman Sajjan Bhajanka said at the 40th AGM.

Govt sticks to Sep 15 deadline for putting financial bids for Air India

The government will stick to the September 15 deadline for investors to put in bids for buying national carrier Air India, an official said. This is in stark contrast to the extension of deadline for preliminary bids five times

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