Surya Sarathi Ray

Articles By Surya Sarathi Ray

660 Articles

IL&FS Group: 11 amber firms in advanced stages of resolution, says government

The East Hyderabad Expressway has also received no bids. In one case, IL&FS Education & Technology Services (IETS) lenders are not likely to take any haircut.

IL&FS Group, advanced stage, government, industry news, NCLAT, National Company Law Appellate Tribunal, IRIDCL, IETS, Skills Development Corporation, Hazaribagh Ranchi Expressway, Tamil Nadu Power Company News

JSW Steel says can’t implement BPSL resolution plan

In its order, NCLT had directed JSW Steel to distribute profits earned during the Corporate Insolvency Resolution Process (CIRP) period among financial and operational creditors on pro-rata basis.

JSW Steel, BPSL, resolution plan, industry news, CIRP, PMLA, NCLT News

JSW Steel moves NCLAT over Bhushan Power & Steel assets

JSW Steel did not seek indemnity from statutory dues from authorities under the Income Tax Act, ministry of corporate affairs, department of registration and stamps, Reserve Bank of India and others in its plea before the NCL

JSW Steel, NCLAT, BPSL assets, Bhushan Power and Steel, Insolvency and Bankruptcy Code News

Smooth ride: Government to make BOT highway projects more attractive to investors

As private sector investment is critical for building 34,800 km of highway under the Bharatmala project, the government has started working on making the build-operate-transfer (Toll) model more attractive to potential invest

Projects with potentially high returns go on premium and awarded to one who pays the highest premium to the NHAI News

NHAI must make monetisation a structured programme: Vijay Chibber, former secretary, ministry of highways

Borrowing is not an independent activity of the NHAI. It is a part of the government’s borrowing activity, says former secretary at the ministry of highways Vijay Chibber

NHAI, NHAI road projects, NHAI road projects target, highway projects target, road projects target in india, nhai road projects target 2019 20 News

Roadblock: Why NHAI construction could slow down sharply in 2 years

Analysts have expressed concerns on the authority’s ability to raise resources at a time when concessionaires want to fund as little of the construction cost as possible.

NHAI, NHAI NHAI construction, CAG, HAM route, BOT projects, Bharatmala project, Brijeshwar Singh, NHAI rules News

SAIL extends deadline to submit EoI for three loss-making units

ASP has a total of 758 employees. Of ASP’s total area of 1,154 acre under possession, 600 acre is proposed to be divested as part of the transaction.

Industry News

Road developers now keen to bid for viable BOT projects

Another road developer said that while NHAI should continue to offer projects on hybrid annuity model (HAM) and EPC, BOT should make a come back in stretches where there is potential for high traffic growth in busy commercial

Infrastructure News

SAIL to raise Rs 5,000 crore through NCDs, bonds

SAIL reduced its debt to Rs 45,170 crore as on March 2019 from Rs 45,409 crore a year earlier.

SAIL also proposes to spend Rs 4,000 crore on capacity expansion this fiscal. News

Soma Mondal, Sridhar Patra lead race for Nalco CMD post

SAIL's commercial director Soma Mondal and Nalco’s own finance director Sridhar Patra are the front-runners for the post of the chairman of the state-run aluminium major.

The chairman and managing director’s position in Nalco will fall vacant following incumbent TK Chand’s superannuation on November 30 this year. News

Steel imports: DGTR against safeguard duty reimposition

Safeguard duty is generally imposed in the event of a sudden surge in imports which causes or threatens to cause serious injury to the domestic industry.

The safeguard duty, imposed in March 2016, had expired in phases between March and May, 2019. News

NALCO to set up tech unit, may get into equipment manufacturing

Nalco proposes to bring the new division that aims at indigenisation of technology and equipment specific to the domestic aluminium sector under the supervision of its projects and technical director.

NALCO, tech unit, equipment manufacturing technology division, indigenous technologies, aluminium News

IL&FS resolution: NCLAT pulls up Centre over delay in completion of process

On July 12, the NCLAT had directed the debt-ridden firm to file an update on the progress made in the resolution for ‘amber’ and ‘red’ companies.

IL&FS, IL&FS resolution, NCLAT, National Company Law Appellate Tribunal, IL&FS board News

Dozen firms show interest in nine highway projects under toll-operate-transfer

In the first tranche, nine highway projects were offered and Australia-based Macquarie bagged them quoting `9,681.5 crore for the total length of 680.5 km against the floor price of `6,258 crore.

Highway projects in india, Highway in india, roads, infrastructure projects, National Highways Authority of India, NHAI, toll operate transfer, nitin gadkari, Cube Highway, L&T, NIIF, MEP Infrastructure Autostarde, Macquarie, Brookfield, Roadis, Adani IRB Infrastructure News

Steel Ministry says Ircon flouted government policy

Ircon International, which is executing various rail projects entrusted by the ministry of railways, has been rapped by the steel ministry for ‘flouting’ a government policy that seeks to protect domestic steel fi

Steel Industry, Steel Import, Domestically Manufactured Iron and Steel Products, Narendra Modi, BJP, Industry, DMISP, Udhampur, Srinagar, Baramula, Ircon International News

SAIL extends deadline for submission of EOIs for sale of 3 units

ASP, SSP and VSP are located in West Bengal, Tamil Nadu and Karnataka, respectively. These three units have a total of 2,100 permanent employees.

SAIL EOIs sale, sail sale, Steel Authority of India, Alloy Steel Plant, ASP, Salem Steel Plant, SSP, Visvesaraya Iron and Steel Plant, VISP, strategic PSU sale, PSU sale, Narendra Modi government, Narendra Modi government on PSU News

Reserved for PSUs: Govt abandons plan to open offshore mining to private players

No progress on Bill that could pave way for auction of mines

mining, mining policy, mining minerals, mining regulations, minerals, exploration of minerals, offshore mining News

Funding push: NHAI to ramp up toll-operator-transfer route, launch InvIT, security toll receipts

While the initial plan was to monetise public-funded highway projects in two tranches totalling 1,073 km in the current fiscal, the NHAI may end up exercising the option thrice in 2019-20 on the government's prodding.

Infrastructure News

NHAI not to tap EPFO funds this year too

For the second year in a row, the National Highways Authority of India (NHAI) is unlikely to borrow from the Employees’ Provident Fund Organisation (EPFO) in an effort to rein in the cost of funds.

Economy News

Ambitious target: Nalco eyes aggregate increase of Rs 1,100 crore in net profit over 2-3 years

State-run aluminium maker Nalco is eyeing an aggregate increase of Rs 1,100 crore in its net profit over the next 2-3 years, which could be made possible from commissioning of a coal mine.

Industry News

Trade remedies often help biggies, hit economy: Commerce secretary Anup Wadhawan to cabinet secretary

Manufacturers ‘game the system’ at the cost of consumers, commerce secy Wadhawan writes to Cabinet secy Sinha

Trade remedies, Anup Wadhawan, Pradeep Kumar Sinha, industrial users, DGTR, extra tariff barrier, PTA News

Will repay Jaypee Infra’s dues, hand over flats in 3 years: Jaiprakash Associates

The NCLAT Bench has asked JAL to file written submissions over exclusion of time frame. It has scheduled the matter for “orders” on July 29.

Industry News

IL&FS lenders could soon recover Rs 16,372 crore from amber firms

In its February 11 order, the NCLAT had permitted ‘green’ companies to service their debt obligations as per the scheduled repayment within the resolution framework.

Of the 302 IL&FS group companies, 133 were incorporated outside India and as such are outside the territorial jurisdiction. (File photo) News

Govt has no plan to extend tenure of non-captive mines, to auction 48 soon

The expiry date for these merchant mines was pre-determined as per the provisions of the Mines and Minerals (Development and Regulation) Amendment Act, 2015.

As on date, 281 of these merchant mines are non-operating. News

NCLAT rejects HDFC plea for insolvency proceedings against RHC Holding

HDFC therefore moved the bankruptcy court seeking to initiate CIRP under section 7 of the IBC against RHC Holding.

The NCLAT also said if there was any violation by RHC Holding, HDFC should seek remedies from the central bank, not from the bankruptcy court. (Representational image) News

SAIL reinvites EOIs to sell three loss-making units

The three units – Alloy Steel Plant (ASP), Salem Steel Plant (SSP) and Visvesaraya Iron and Steel Plant (VISP) — have incurred combined loss of `2,300 crore in the last five years, causing a huge strain on SAIL’s books.

Alloy Steel Plant, ASP, Salem Steel Plant, SSP, Visvesaraya Iron and Steel Plant, VISP, SAIL loss, sail profit, News

Highways construction off to brisk start in FY20

First two months of fiscal have seen roads being built at a pace of 28.5 km/day even as project awards are yet to shed last year’s sluggishness

construction business, challenges remain, Magicbricks PropIndex, construction properties, share of property searches, home buyers, Real estate discount offers, homebuyers need to exercise caution, India, brick sector, brick industry, Real estate, News