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JSW Steel may harden as Bengal project to kick-off soon

Source: Capital Market, Tuesday, February 9th, 08:28 AM

JSW Steel's managing director Sajjan Jindal was quoted by media as saying that work on the company's West Bengal project will start in six months. The company will invest Rs 10,000-12,000 crore in the first phase to set up a 3-million-tonne steel plant. It is expected to be completed within 30 months from the start of the project, Jindal added.

Sumitomo Metal and Bhushan Steel, which had recently agreed to build a steel project jointly in West Bengal, are now reported to be looking at Karnataka as a second destination.

Pantaloon Retail reportedly plans to spin off at least five of its brands and merge them with Capital Foods, as it looks to consolidate foods businesses under one company.

GMR Infrastructure is reportedly in advanced discussions with a couple of private equity funds to raise nearly Rs 1500 crore for its power subsidiary GMR Energy, to fund its planned expansion.

Jet Airways is reortedly in initial talks with FedEx Corp for a dedicated cargo airline that it wishes to set up either as joint venture or an alliance with the multinational logistics firm.

Jyoti Structures' board will meet on 15 February 2010 to consider issue of non-convertible debentures carrying a right to subscribe to equity shares, on rights basis.

Nuchem's board has approved selling of the firm property at Faridabad at an undisclosed sum. The decision is subject to approval from IFCI.

Gulf Oil Corporation's board decided to divest entire stake in the subsidiary IDL Speciality Chemicals. The subsidiary recently divested the API Division to pharmaceutical company Biocon and is left with no major business segments.

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