Business & Economy
   
Tata buys out NatSteel Ltd

What is India News Service, August 17, 2004, 1700 hrs IST


The Tata Iron and Steel Company Ltd (Tisco) has purchased Singapore’s NatSteel Ltd, the city state’s lone steel mill, according to a press statement. The acquisition will cost Tata Steel Rs 1,313 crore ($ 286.12 million).

A part of the deal will include a 26 per cent stake owned by NatSteel in Southern Steel Berhad, which makes the 1.3-million tonne of steel in Malaysia.Tatas will have manufacturing facilities in seven Asian countries, including Vietnam, Thailand, Singapore, China, Philippines and Australia.

Govt plans cut in petrol, diesel duties: The Government is considering slashing customs and excise duties on various petro-products as part of its efforts to minimise the impact of soaring international crude prices on the consumer and domestic oil companies. 

Banks can use RTGS for customer deals: The Reserve Bank of India has said that the Real Time Gross Settlement system has been enabled for `Straight Through Processing' at the bank's end for putting through customer transactions. 

Banks cast the net for agri officers: Some banks are picking up agri graduates from the campus on a contract basis and some others on an experimental basis for 3 to 6 months. 

 Engg goods, jewellery boost exports: The 20.36 per cent export growth in dollar terms achieved in 2003-04 was largely due to the relatively robust performance by traditional merchandise goods such as engineering goods, gems and jewellery etc

Sensex ends flat after late recovery: Despite buying interest during the last hour of trading, the Sensex closed the first trading day of the week a tad lower. The 30-stock index was marginally down by 0.55 points (0.01 per cent). 

Bill for common commodity classification: Finance Minister P. Chidambaram  introduced in the Lok Sabha the Central Excise Tariff (Amendment) Bill, 2004. The Bill will enable common commodity classification.

Immediate hike in IA fares ruled out: The Indian Airlines said it would not hike its fares immediately although there was a hike in fuel costs. 

Jet links Patna with Delhi: Jet Airways linked Patna and Delhi by a daily evening flight. 

Chinese firm scouts city’s IT park: India and China can dominate the world IT scene if the two countries come together to cooperate in the field of computer hardware and software. 

Double benefit for Tata Steel: Tata Steel's agreement to acquire the steel businesses of the Singapore-based NatSteel is aimed at putting its globalisation initiative in motion. 

Merger of strong PSU banks `very soon': The Government appears to be working on catalysing the first merger between two strong public sector banks. 

HDFC to sell 50 pc in Intelenet to Barclays Bank: HDFC today announced that it would be selling 50 per cent stake in its BPO venture, Intelenet Global Services, to Barclays Bank Plc for Rs 164 crore, subject to regulatory approvals. 

Panel for unorganised sector planned: The government has announced its intention to set up a national commission to examine the problems facing enterprises in the unorganised informal sector, the Lok Sabha was informed today. 

Farmers’ interests to be protected at WTO: Union Commerce Minister Kamal Nath assured Parliament that the interests of India’s farmers would be protected in a globally administered multi-lateral trading apparatus under the aegis of the World Trade Organisation (WTO).

GTB share a ‘junk’ paper for 12 years: In a bad news for shareholders of Global Trust Bank (GTB), its acquirer Oriental Bank of Commerce (OBC) said equity-holders will not get any value for their holdings now and can expect some relief only after 12 years if the troubled bank is left with any surplus value.

SAIL scouting for partnerships: The Steel Authority of India (SAIL) is scouting for some strategic business partnerships for implementing its Rs. 25,000 crore corporate plan. 

Overall:

Tata aquires Natsteel: The Tata Iron and Steel Company Ltd (Tisco) has purchased Singapore’s NatSteel Ltd, the city state’s lone steel mill, at a cost of Rs 1,313 crore ($ 286.12 million).

Petrol, diesel duties may be slashed: The Government is planning to cut customs and excise duties on various petro-products to minimise the impact of soaring prices on the consumer and domestic oil companies. 

Central Excise Tariff (Amendment) Bill, introduced: Finance Minister P. Chidambaram  introduced in the Lok Sabha the Central Excise Tariff (Amendment) Bill, 2004. The Bill will enable common commodity classification.