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Indian Oil Corporation floats global tender for construction of green hydrogen plant
The successful bidder will ensure the supply of gaseous green hydrogen at the delivery point to IOC, to be marketed by the latter.The proposed location of the new green hydrogen unit is between the Panipat Refinery and Panipat Naphtha Cracker area in land owned by IOC within the vicinity of the Panipat Refinery Complex.The plant would need to be completed within 30 months for date of award of the contract.The company said that the investor would be required to construct a green hydrogen plant with a capacity of 10,000 mt per day, making it the largest such plant currently planned in the country.

🇮🇳 India · 🗓️ September 02, 2023 · Steel

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ACRE to buy Union Bank's Rs 411 crore Visa Steel Loan
The offer of upfront cash of ₹143 crore by ACRE equates to a recovery of 35%.ACRE was declared the successful bidder in the absence of counteroffers at the auction.The company, however, challenged the order in the appellate tribunal and obtained a stay from the Orissa High Court, halting the insolvency process.The move to sell their exposure to the steel company comes as banks seek to address recovery delays due to court interventions by the promoters.To exercise control over the debt resolution process in any company undergoing restructuring, an acquirer looks to own a minimum of 66% of the company's debt.

🇮🇳 India · 🗓️ September 02, 2023 · Steel

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India greenlights auction for four iron ore blocks in Rajasthan
The officials stated that the successful bidders would be awarded “composite licenses” for exploration and development of the assets and extraction of iron ore, along with any other mineral that may be established in course of the exploration.As per the plans of the state-level Department of Geology and Mines, as many as 38 mineral blocks will be put up for auction in the current fiscal year.It may be noted that there is no steel mill operational in Rajasthan currently.

🇮🇳 India · 🗓️ September 02, 2023 · Steel

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SAIL supplies 4,000 tonnes of steel plates for 7th frigate ship of Indian Navy
State-owned SAIL on Thursday said it has supplied 4,000 tonnes of steel plates for the construction of the seventh frigate ship as part of the P17A project of the Indian Navy.SAIL has supplied a total of 28,000 tonnes of steel for the construction of these vessels."SAIL has again contributed significantly to India's defence capabilities by providing the entire quantity of special steel plates of about 4,000 tonnes for the construction of the seventh frigate ship under the indigenous P17A Project for the Indian Navy," it said.The P17A Project comprises the construction of seven ships, of which six have been launched between September 2019 and August 2023.The seventh frigate ship is scheduled to be launched on Friday by Vice President of India Jagdeep Dhankar, Steel Authority of India Ltd (SAIL) said in a statement.

🇮🇳 India · 🗓️ September 01, 2023 · Steel

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ACRE to buy Union Bank's Rs 411 crore Visa Steel Loan
The offer of upfront cash of ₹143 crore by ACRE equates to a recovery of 35%.ACRE was declared the successful bidder in the absence of counteroffers at the auction.The company, however, challenged the order in the appellate tribunal and obtained a stay from the Orissa High Court, halting the insolvency process.The move to sell their exposure to the steel company comes as banks seek to address recovery delays due to court interventions by the promoters.To exercise control over the debt resolution process in any company undergoing restructuring, an acquirer looks to own a minimum of 66% of the company's debt.

🇮🇳 India · 🗓️ September 01, 2023 · Steel

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