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JSW Steel on verge of acquiring Stemcor's India assets

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Sajjan Jindal led JSW Steel is understood to be in the final lap of negotiations to buy out London-based Steel Marketing Corporation's (Stemcor) India assets. If the deal fructifies, it would mean the culmination of efforts by the British steel trading company to sell off its assets in India after years of failed attempts.

The assets are held by Stemcor India, the Indian arm of UK-based and Oppenheimer family controlled Stemcor Holdings Ltd.

“JSW Steel is in very advanced stage of talks for takeover of Stemcor's assets. This looks a very strategic acquisition from the company's perspective since the pellet plant is located in a very favourable location and also given JSW's interest to set up a 10 million tonne steel mill in Odisha”, said a source close to the development.

He said, Tata Steel was also in the hunt for Stemcor's assets but opted out after its price offer was found to be unattractive for the promoters. A Tata Steel source, however, has denied it.

Both JSW Group and Stemcor declined a comment on the prospective deal. An e-mail questionnaire sent to both remained unanswered.

Though Stemcor's assets have invited the best of bidding interest- players like Jindal Steel & Power Ltd (JSPL), Tata Steel, Essar Steel, Aditya Birla owned Essel Mining & Industries Ltd and maharatna PSU Steel Authority of India Ltd (SAIL) have all vied for takeover in the past, the deal could not be sealed. Even JSW Steel was also in the race earlier for takeover of the Stemcor owned facilities. One of the key reasons for the Stemcor deal not going through can be the lack of an attractive valuation price by the bidders, said an analyst choosing to be unnamed.

Stemcor operates in India through Brahmani River Pellets Ltd (BRPL). This company owns a four million tonne pellet plant at Kalinganagar industrial complex in Odisha's Jajpur district close to a cluster of steel plants. It also runs an iron ore beneficiation unit of equal capacity in Keonjhar district. Iron ore mines are held by Aryan Mining & Trading Corporation Ltd (AMTC) where Stemcor holds a majority stake. And, AMTC hods 100 per cent stake in BRPL. It was the mining asset that pulled the leading steel players to the acquisition race.

The current valuation of the assets are not known but last year, an industry estimate had pegged the figure at about $1 billion.

BRPL produces iron ore pellets from iron ore concentrates after beneficiating low grade iron ore fines. The low grade fines with Fe less than 56-57 per cent are beneficiated at beneficiation plant through grinding, gravity & magnetic separation process to produce high grade iron ore concentrates with 63-64 per cent Fe. This high grade iron ore concentrates in form of slurry is transported to pellet plant through an underground slurry pipeline.

Stocks pile up with Coal India as 15 power plants didn't lift fuel

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As many as 15 power plants did not lift any coal from Coal India in September, foregoing the 2.6 million tonnes of stock they were supposed to lift from the state-run monopoly miner and resulting in thermal power plants across the country receiving delivery of only 80% of the coal allotted to them during the month.

This in turn reduced stocks at various power plants, specially the ones near coal mines. A number of them did not lift their full quota of coal despite stocks falling down to five days, or critical stock position, according to Central Electricity Authority’s definition.

Plants in Gujarat, Rajasthan, Madhya Pradesh, Haryana and Punjab have not been lifting their full quota for several months in a row although their stocks have dwindled to five days in some cases.

Coal IndiaBSE 3.93 % officials said power producers, both near and away from coal mines, are not lifting their full quota of coal each month because they are now assured of railway rakes and coal availability whenever required, unlike in the past when availability of both were uncertain for major part of the year. “While coal can be available on credit from Coal India, power producers need to pay upfront to the railways.

With assured supply of coal whenever required, power producers are not interested in blocking their money by way of stocking large volumes of coal as stipulated by the Central Electricity Authority,” a senior coal ministry official said.

At the time when coal and rakes were not available freely, the Central Electricity Authority had stipulated that all power stations stock coal that would support generation for 15 days in a row. ‘Critical’ and ‘super critical’ stocks were also defined at that time.

As per the definition a pit head plant would be marked with critical stock position if its stocks fell below five days and less than three days would be super critical. For non-pit head plants, critical stocks would be less than seven days and super critical would be less than four days.

Source: economictimes.indiatimes.com

Adani, JSW and SembCorp in race to buy BC Jindal group’s Odisha power plant

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Jindal India Thermal Power Ltd (JITPL), a part of the BC Jindal group, is in talks with prospective buyers to sell its 1,200MW thermal power plant in Odisha, three people familiar with the development said.

The plant in Odisha’s Angul district has so far received competing offers from Singapore’s SembCorp, Adani Power and JSW Energy, one of the three people cited above said, requesting anonymity.

“The sell side mandate was given to EY around three months ago following which SembCorp has made an upfront cash offer of close to Rs1,600 crore for the equity component of the project,” said the person cited above.

“JSW and Adani have offered a higher price of more than Rs2,000 crore, but the offer involves an upfront cash payment of around Rs500 crore to Rs600 crore towards equity and the remaining upon fulfilment of certain conditions linked to singing of power purchase agreements and coal linkages,” the person said.

“JSW is keen to replicate the same structure it followed while buying JSPL’s (Naveen Jindal-led Jindal Steel and Power Ltd’s) 1,000MW thermal unit this year, where it paid Rs500 crore cash advance while tying up the rest of the payment to pre-defined conditions regarding fuel security and power offtake,” the person added.

Emails sent to Adani group, SembCorp and EY did not elicit any response at the time of going to press.

A JSW Energy spokesperson denied that the company is in talks to buy the asset.

“Your query is completely speculative and baseless. The company reiterates that there is no truth and categorically deny any discussion by JSW Energy with them,” the spokesperson said.

JITPL is controlled by listed firms Jindal Poly Investments Ltd (JPIL) and Jindal Photo Ltd (JPL) through Jindal India Powertech Ltd, a holding company owned by JPIL and JPL.

“The promoters have been in talks to sell the unit in the past too, but a deal did not materialize due to valuation mismatches. However, things are likely to be different this time because JITPL needs some immediate cash infusion to pay lenders and is already behind its repayment schedule,” the second person said, also declining to be named.

“Also, a section of minority shareholders want the promoters to divest from power and focus on the core poly films business,” the person added.

An email sent to JITPL and BC Jindal group did not receive a response.

The Angul project was completed at a cost of Rs7,537 crore with overall debt of Rs5,900 crore and an equity of Rs1,637 crore.

Industry analysts said that if the SembCorp offer is accepted, JIPL and JPL could get Rs600 crore and Rs160 crore, respectively, of the proceeds and another Rs685 crore to Jindal Poly Films Ltd, the listed operating entity of the group.

JITPL currently has long-term power purchase agreements (PPAs) for 256MW capacity (156MW with Odisha Gridco and 100MW with Kerala State Electricity Board Ltd) and has also executed a 12-year PPA with Tata Power Trading Corp. Ltd (TPTCL) for a capacity of up to 900MW at a guaranteed base tariff of Rs2.70 per unit.

Concerns over fuel supplies, high interest cost and absence of long-term PPAs among thermal power producers in India has led to distress among several power companies and has led to many assets changing hands.

In July, Sajjan Jindal-promoted JSW signed a definitive agreement to acquire Jaiprakash Power Ventures’ 500MW thermal plant at Bina in Madhya Pradesh at base enterprise value of Rs2,700 crore. In April last year, Adani Power completed the acquisition of Lanco Infratech’s Udupi Power plant for Rs6,300 crore, one of the largest takeovers in the country’s thermal power space.

Mint on 19 October also reported about SembCorp’s ongoing talks with GMR group for a possible acquisition of GMR Chhattisgarh Energy Ltd, a unit of GMR Energy Ltd with 1,370MW generation capacity.

Source: livemint

Reliance Infrastructure Completes 100% sale of Cement Unit to Birla Corp.

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Reliance Infrastructure, on completion of the cement unit sale to Birla Corp., said that the proceeds shall be utilized for debt reduction.

Anil Ambani-led Reliance Infrastructure Ltd (R-Infra) has completed the sale of its 100% shareholding in Reliance Cement Co. Pvt. Ltd (RCCPL) to Birla Corp. Ltd, the flagship company of the MP Birla Group. The deal valued the cement business at Rs.4,800 crore.

R-Infra had announced its plan to monetize cement, road and telecom tower assets and the Mumbai Power business to reduce overall debt.

“The (cement) deal was announced in February 2016 and has now been completed with transfer of shares and receipt of sale consideration. The entire proceeds shall be utilized for debt reduction,” R-Infra said in a statement on Monday.

RCCPL has an integrated cement capacity of 5.08 million tonnes per annum (mtpa) at Maihar, Madhya Pradesh and Kundanganj Uttar Pradesh and a grinding unit of 0.5 mtpa at Butibori, Maharashtra.

Birla Corp., established in 1919, has a presence across cement and jute; cement constitutes over 90% of the company’s revenues.

With a total operational cement capacity of 10 mtpa, Birla Corp. has units in Rajasthan, Madhya Pradesh, Uttar Pradesh and West Bengal.

SBI Capital Markets Ltd acted as the financial advisor to R-Infra for this transaction.

Reliance Group is focusing on an asset-light strategy, staying away from projects that will yield results over 20-30 years such as road development and entering new businesses such as defence, housing finance and renewable energy that have shorter gestation periods.

Reliance Group could reduce debt by more than 40% if its asset sale plan goes through and the funds raised are used to pare borrowings, Mint reported on 14 December 2015.

Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay High court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.

Source: livemint.com

UltraTech Cement Gains on Fundraising Plans

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UltraTech Cement rose 0.41% to Rs 3,887.25 at 10:00 IST on BSE after the company announced a proposal to issue secured redeemable non-convertible debentures amounting Rs 500 crore on private placement basis.

The announcement was made after market hours yesterday, 18 August 2016. Meanwhile, the S&P BSE Sensex was up 8.44 points, or 0.03%, to 28,131.88.

On BSE, so far 1,827 shares were traded in the counter, compared with an average daily volume of 21,532 shares in the past one quarter. The stock hit a high of Rs 3,920 so far during the day, which is also a record high for the stock. The stock hit a low of Rs 3,881.10 so far during the day. The stock hit a 52-week low of Rs 2,581.15 on 18 January 2016. The stock had outperformed the market over the past one month till 18 August 2016, rising 10.62% compared with 1.36% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 20.33% as against Sensex's 9.41% rise.

The large-cap company has equity capital of Rs 274.44 crore. Face value per share is Rs 10.

UltraTech Cement said that non-convertible debentures (NCDs) have tenure of 10 years and carry coupon of 7.53% per annum. The deemed date of allotment of NCDs is 22 August 2016 and the maturity date is 21 August 2026.

UltraTech Cement's consolidated net profit rose 29.2% to Rs 780.11 crore on 4.1% growth in net sales to Rs 6537.83 crore in Q1 June 2016 over Q1 June 2015.

UltraTech Cement is a leading cement manufacturer in India. It is a part of the Aditya Birla Group.

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Source: Business-Standard

Mothballed Scots Steel Plant to Restart Production

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Steel production is set to resume next month at one of two Lanarkshire plants that were mothballed last year.

Tata Steel closed its Dalzell mill in Motherwell and the Clydebridge plant in Cambuslang with the loss of 270 jobs.

Both were later bought by international metals firm Liberty House which intends to restart production at the Motherwell site in September.

About 60 staff are currently working there, with 40 more recruits expected - many of them former Tata Steel staff.

Liberty Steel said that the Dalzell plate-rolling mill had taken delivery of about 1,500 tonnes of slab steel rom the British Steel plant at Scunthorpe.'Significant milestone'

This is in preparation for the restart of steel plate production next month.

Jon Bolton, chief executive of Liberty Steel UK plate division, said: "This is a significant milestone for the plates business in Scotland, but also positive news for the UK steel sector as steel once again is manufactured in British Steel's Scunthorpe site to be rolled in Scotland.

"It is pleasing to watch the plant gradually coming back to life as more people arrive on site and particularly pleasing to welcome young apprentices to the team."

Liberty said that about 60 staff were involved in the preparations to reopen Dalzell, with a further 40 expected to join the workforce before production starts.

The firm said that about 70% of the initial wave of recruits were former employees returning to their old jobs.

It has also awarded about 20 new supply contracts, for business and engineering services, to firms in the Motherwell area.

Liberty House Group executive chairman, Sanjeev Gupta, said this was the beginning of the fulfilment of a promise to the local community.

"We said we would revive this historic steelworks and that is exactly what we are doing," he said.

Source: BBC News

Kudankulam Nuclear Power Plant: PM Narendra Modi to Dedicate the Project to The Country

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Prime Minster Narendra Modi and the Russian President, Vladimir Putin on Wednesday, will hand over the Kudankulam Nuclear Power Project (KKNPP's) first unit to the country.

Prime Minster Narendra Modi and the Russian President, Vladimir Putin on Wednesday, will hand over the Kudankulam Nuclear Power Project (KKNPP’s) first unit to the country. Tamil Nadu Chief Minister J Jayalalitha is also to be a part of the ceremony. All three of the leaders will join in through video conferencing. A function is also to be held for the occasion, which will see the presence of the Chairman of the Kudankulam Nuclear Power Corporation Chairman, SK Sharma, Russian company Atomstroy’s President Limareenko and site Director Sundar. This will be another example of the cooperation between India and Russia on the nuclear front. The first Unit of the Kudankulam Nuclear Power Plant was built with the expertise of the Russians after a pact between the then prime Minister Rajiv Gandhi and Soviet leader Mikhail Gorbachev in November 1988. But the construction only took place in 1997 due to the political and economic instability of Russia due to the Soviet Union Collapse of 1991. The unit was synchronised with the southern grid on October 22, 2013, and became fully functional on December 31,2014

The first unit was synchronized with southern power grid on October 22, 2013, and power generation started on December 31, 2014, generating a 1000 Mw. India’s regulator is speculated to authorise the start of the second power unit at KNPP. Two 1000 Mw Russian reactors are being set up by the Nuclear Corporation of India (NPICL) at the KudanKulam village in the Tirunelveli district of Tamil Nadu. The cost of Unit I and II had been estimated around Rs 13,171 crore. But delays and the depreciation of rupee has brought it up to Rs 17,270. NPCIL and Atomstroy export, a subsidiary of the Rosatom is building the power plants at KudanKulam. Rosatom is the regulatory body of the Russian nuclear complex.

The construction of the first two units has previously been stopped due to strong protests from villagers around the plant. The issue was later resolved after court cases and diplomacy between the state government and the centre. The capacity of KKNPP Unit- II would be a 1000 Mw on full power. The electricity generated by all central sector generating systems is allotted to beneficiary states and union territories. Tamil Nadu uses about 925 Mw of the energy, while Kerela gets 266 Mw and Puducherry suffices with 67 Mw. 300 Mw remains unallocated.

Source: financialexpress

Bokaro officials pledge support for cement plant

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BOKARO: The district administration on Tuesday said it would support the setting up Ultratech Cement's 1.5 MTPA facility in Bokaro Industrial Area Development Authority (Biada) area in Balidih here.

Biada managing director (MD) and Bokaro DC Rai Mahimapat Ray held a meeting with the company's vice-presidents, Anand Mohta, Rajender Joshi and Sudhir Mohnot, to discuss formalities that need to be completed.

Ultratech will be the second cement plant, after Dalmia Cement, to set up a unit in Biada.

"We discussed the additional land requirements for a railway siding, levelling of the allotted 50-acre plot, availability of slag and other raw materials locally and formalities for environmental clearance. We have extended all possible help to company officials," said Ray.

Apart from easy availability of slag, the presence of good rail and road connectivity and an industrial-friendly environment are some of the contributing factors that support the setting up of cement plants.

"To ensure availability of slag, Ray held a meeting with BSL CEO Anutosh Maitra and Electrosteel Steel Limited (ESL) director R S Singh. Both of them responded positively," said Biada development officer Ranjit Kumar.

Ultratech Cement has assured direct and indirect employment to about 750 people. Ultratech signed a MoU with the state government for setting up the cement plant in July last year.

Following the MoU, the state industrial department offered land in Biada.

Source: timesofindia

80 Mini Steel Plants Closed Down in Chhattisgarh as Running Cost Shoots Up

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About 80 mini steel plants, located in the industrial area near the state capital, have halted production and closed their units since Sunday night claiming that running cost of their units has gone up considerably, particularly due to increase in power tariff, leading to heavy losses.

Chhattisgarh Mini Steel Plant Association (CMSPA) is demanding reduction of electricity tariff to Rs 4.00 per unit from the hiked price of Rs 6.19 per unit.

Association's members said Chhattisgarh, which generates electricity, is considered as a power hub, but has failed to supply electricity to steel industry at nominal rates, whereas the states including Jharkhand, West Bengal, Bihar, Uttrakhand, Jalna and Vidharbh Maharashtra and Punjab, which are purchasing the electricity from other states, are charging electricity tariff from industries between Rs 3.81 to Rs 4.99.

Talking to TOI, Chhattisgarh Mini Steel Plant Association's president Ashok Surana said, "The steel industrialists have closed down their units voluntarily, neither without any Association's role nor in wake of protest.

"The matter is anyway on monthly basis. We are already bearing the loss of Rs 45 lakh on operating the units. Even when the units are closed, we will have to bear a minimum loss of Rs 15 lakh," he said.

He said the association has submitted a memorandum to Chhattisgarh Power Holding Company Limited managing director Ankit Anand and also the state electricity regulatory commission, which determines the tariff, and all other concerned, seeking reduction in tariff to Rs four per unit".

In Industrial areas of Hirapur, Tendua, Urla and Siltara on the outskirts of Raipur, there are 185 steel industries.

According to the association, monthly bill generated for one mini steel plant is around Rs 60 lakh. With closure of 80 units, the load on transformers has reduced to 250 megawatt from 490 megawatt on Monday. This is a big revenue loss for the electricity department besides no work for more than 15,000 labourers.

The steel industry has been witnessing a downward slide due to multiple factors, including increase in cost of inputs, since 2013. Many steel plants in Chhattisgarh have downsized their staff and scaled down their operations.

Source: timesofindia

Telangana set to build power plants against Centre's advice

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Telangana, which had proposed to aggressively add power generation capacities towards self-sufficiency, has turned down the advice of Union power ministry against new capacities and is now determined to go ahead with imported coal-fired and inefficient sub critical thermal plants.

The state has a capacity of 4,365 MW and has proposed to achieve 25,000 MW by the end of 2018, which includes fresh thermal power generation capacity of 4,000 MW that the Union government promise under the AP State Reorganisation Act, 2014.

Besides entering into a contentious power purchase agreement (PPA) with the Chhattisgarh government to procure 1,000 MW of power for 12 years, Telangana has awarded contracts for a 1,080 MW project at Manugur in Khammam district and a 4,000 MW plant at Damaracherla in Nalgonda district. Both are coal-fired thermal power projects, each depending on imported coal for at least half of its fuel requirement.

The plant at Manugur also relies on subcritical equipment of 280 MW each, which environmentalists say will add to pollution while activists say its expensive operations and maintenance costs will be a burden on the exchequer.

Union power minister Piyush Goyal recently asked Telangana Chief Minister K Chandrasekhar Rao to either downsize or drop the state's proposed power plants, given the surplus power capacities and cheaper availability in the domestic market.

Goyal on Wednesday repeated his advice to the Telangana government while assuring that state-run thermal power generator NTPC was ready to set up the projects promised under the Act.

Of the promised 4,000 MW, NTPC is setting up two units of 800 MW each at Ramagundam and is in talks with the Telangana government for the required land to set up the remaining capacities.

But Telangana power and industries secretary Arvind Kumar said the state was neither in favour of trimming down capacities nor dropping the projects.

"Keeping in view the projected increase in power consumption by the proposed industrial corridors, the proposed large lift irrigation projects and anticipated increase in agricultural consumption under these irrigation projects, the Telangana government has decided to go ahead with its power capacity additions," he told ET.

"Aimed at uninterrupted power supply for agriculture, industry and domestic consumption, Telangana wants to rely on own and cheaper power generation resources." However, civil society groups and power consumer forums are crying foul over the alleged arbitrary decisions of the state government on selection of power generation technologies and contractors for new power plants.

They have also criticised the PPAs, saying the government has signed them at high costs. They had also challenged these decisions before the state electricity regulatory commission.

They point out that the government was not taking advantage of the coal mines in the state for new projects. Though the project at Manugur is a pit-head project, it is using subcritical technology and is also 50 per cent dependent on imported coal, while Damaracherla plant is far away from coal mines, they said.

"Given serious rethinking going on across the globe towards adding alternative and sustainable power generation capacities and also given the availability of cheaper electricity, the Telangana government should have a fresh look at its power strategy," said M Kodandaram, chairman of Telangana Joint Action Committee, an umbrella body of dozens of civil society groups.

M Thimma Reddy, convenor of People's Monitoring Group on Electricity Regulation, accused the Telangana government of resorting to imprudent strategies to address the power deficits.

Pointing out that Telangana's strategy on capacity additions was not matching its power consumption patterns, he said that the power consumption by the agriculture sector in the newly-formed state over the past two years crashed owing to back-to-back droughts and a steep fall in groundwater levels.

"The government went ahead with awarding contracts of power plants without adopting the open competitive bidding route and entered into PPAs with various private and public entities without calling for competitive bids, thereby losing on the advantage of procuring power at low tariffs," said Reddy. "Instead of lowering power purchases from private players when the demand fell significantly during droughts, Telangana had resorted to backing down (lowering plant load factor) at own power generation stations, thereby adversely affecting the finances of state-owned power utilities and burdening the power consumers with high-cost power."

Source: economictimes

Toyota Kirloskar Keen to Set up Car Recycling Facility in India

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Toyota Kirloskar Motor (TKM)India, a subsidiary of Japan's Toyota Motor Corporation is exploring opportunities for car recycling business in India.

It may set up a vehicle scrapping facility in the country that would undertake scientific scrapping of Toyota vehicles that have exhausted their utility and have to be phased out under government’s upcoming vehicle recycling policy.

It may be noted that Mahindra Intertrade has already signed MoU with Indian government for setting up first auto shredding unit.

TKM Director, Shekar Viswanathan stated to media, “Toyota based in Japan are designing vehicles with a mindset of their operational life in order to obtain maximum recycling. We could replicate the same model in India both in terms of vehicle designing and scrapping. Currently, Toyota India produces 310,000 units annually at its two car plants at Bidadi, Bangalore.”

Toyota has a separate vehicle scrappage subsidiary in Japan, which is primarily responsible for recycling scrap metals generated at manufacturing plants. The entity has been constructed to promote an environmentally friendly recycling business, primarily for scrap metals.

“We would certainly be interested in a similar facility in India,” Viswanathan said without giving any further details, including investment requirement for such a project.

Potential Market in India

India is a very potential market for auto recycling looking at the rising number of vehicles that are being sold every year. India will become world’s third largest automobile market in couple of years. This will also bring lot of opportunities for auto recycling in India.

The need for a scrapping unit is felt as the national green tribunal (NGT), in a order in April, banned registration of diesel vehicles over 10 years old and petrol vehicles over 15 years old in Delhi-National Capital Region to check rapidly worsening air pollution.

Moreover, the government intends to switch to use of Euro V and Euro VI fuel in all vehicles by 2019 and 2023 respectively. All these could create a huge market for recycling vehicles so that exercise itself does not result in increased pollution from old and unused vehicles.

Globally over 30 million vehicles are recycled every year generating a scrap of about 25 million tones. According to a report by Central pollution board, there will be over 8 million vehicles that can be recycled in the very first year.

Also Read: After Delhi, Kerala, Patna, Chhattisgarh also Bans Old Heavy Vehicles

 

Danieli Group Signs Big Steel Contracts with Iran

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Following the lifting of sanctions on Iran, the Italian Danieli Group has signed agreements worth approximately 5.7 billion Euros.

The agreements, signed in Rome by the company’s chairman and CEO, Gianpietro Benedetti, relate to a joint venture and orders for the supply of machinery and plants to be installed in Iran.

Persian Metallics” is the name of a joint venture worth an estimated 2 billion Euros, which will involve a group of international and Iranian investors.

The Persian Metallics project will use iron ore and energy to produce around 6Mt/yr of pellets to feed direct reduced iron (DRI) for steelmaking using electric arc furnaces – the most environmentally friendly and often more competitive way to make steel today.

Other agreements relating to the supply of machines and plants to produce steel and aluminium will be signed with several Iranian companies and worth an estimated 3.7 billion Euros.

Danieli’s plant-making division, based in Buttrio, employs 10,000 people and consists of various product lines active in the design, construction and start-up of plants for the production of steel and non-ferrous metals, from the treatment of ore and scrap to the melting, casting, rolling and finishing of a wide variety of finished, flat, long, forged and tubular products.

Source: Steeltimes Intl

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Contain any computer viruses or other destructive devices and codes that have the effect of damaging, interfering with, intercepting or expropriating any software or hardware system, data or personal information;

Link directly or indirectly to or include descriptions of goods or services that are prohibited under the prevailing law; or

Otherwise create any liability for the Site or its affiliates.

The Site reserves the right in its sole discretion to remove any material/content/photos/offers displayed on the web site which it reasonably believes is unlawful, could subject the Site to liability, violates the terms and conditions and/or Agreement or is otherwise found inappropriate in the Site's opinion. Web site reserves the right to cooperate fully with governmental authorities, private investigators and/or injured third parties in the investigation of any suspected criminal or civil wrongdoing.

In connection with any of the foregoing, web site may suspend or terminate the Account of any User as web site deems appropriate in its sole discretion. User(s) agree that web site shall have no liability to any User(s), including no liability for consequential or any other damages, in the event web site takes any of the actions mentioned in this Section, and that you agree to bear the risk that web site may take such actions.

Web site acts as a content integrator and is not responsible for the information provided by user(s) to be displayed on the web site. The Site do not have any role in developing the content.

The Site provides an on-line platform for exchanging information between buyers and suppliers of Plant, Machinery & Equipments. Web site does not represent the seller or the buyer in specific transactions and does not charge any commission for enabling any transaction. Web site does not control and is not liable to or responsible for the quality, safety, lawfulness or availability of the products or services offered for sale on the web site or the ability of the suppliers to complete a sale or the ability of buyers to complete a purchase. User(s) are cautioned that there may be risks of dealing with foreign nationals or people acting under false pretenses. Web site uses several techniques (such as Plant Bee Verified) to verify the accuracy and authenticity of the information our user(s) provide us. However, since it is not possible in all cases and is not 100% fool-proof, the Site cannot and does not confirm each user(s) purported identity (including, without limitation Plant Bee Verified members). Plant Bee encourages user(s) to use various tools available on the web site and otherwise, as well as common sense, to evaluate the user(s) with whom they would like to deal with.

User(s) acknowledge that user(s) fully assume the risks of purchase and sale transactions when using the web site to conduct transactions, and that user(s) fully assume the risks of liability or harm of any kind in connection with subsequent activity of any kind relating to products or services that are the subject of transactions using the web site.

Such risks shall include, but are not limited to, mis-representation of products and services, fraudulent schemes, unsatisfactory quality, failure to meet specifications, defective or dangerous products, unlawful products, delay or default in delivery or payment, cost mis-calculations, breach of warranty, breach of contract and transportation accidents. Such risks also include the risks that the manufacture, importation, distribution, offer, display, purchase, sale and/or use of products or services offered or displayed on the web site may violate or may be asserted to violate Third Party Rights, and the risk that you may incur costs of defense or other costs in connection with third parties' assertion of Third Party Rights, or in connection with any claims by any party that they are entitled to defense or indemnification in relation to assertions of rights, demands or claims by Third Party Rights claimants. Such risks also include the risks that consumers, other purchasers, end-users of products or others claiming to have suffered injuries or harms relating to product originally obtained by user(s) of the web site as a result of purchase and sale transactions in connection with using the web site may suffer harms and/or assert claims arising from their use of such products. All of the foregoing risks are hereafter referred to as "Transaction Risks".

User(s) agree that Plant Bee shall not be liable or responsible for any damages, liabilities, costs, harms, inconveniences, business disruptions or expenditures of any kind that may occur/arise as a result of or in connection with any Transaction Risks. User(s) are solely responsible for all of the terms and conditions of the transactions conducted on, through or as a result of use of the web site, including, without limitation, terms regarding payment, returns, warranties, shipping, insurance, fees, taxes, title, licenses, fines, permits, handling, transportation and storage. In the event of a dispute with any party to a transaction, user(s) agrees to release and indemnify the Site (and our agents, affiliates, directors, officers, employees and associated sites and mini sites) from all claims, demands, actions, proceedings, costs, expenses and damages (including without limitation any actual, special, incidental or consequential damages) arising out of or in connection with such transaction. User(s) may use the content/features on web site solely for their personal or internal purposes. User(s) agree that they will not use Plant Bee database and/or services to send junk mail, chain letters or spamming or the transmission of any unlawful, harassing, libelous, abusive, threatening, harmful, vulgar, obscene or otherwise objectionable material of any kind or nature. Further, as a Registered User, user(s) will not use the Email Account to publish, distribute, transmit or circulate any unsolicited advertising or promotional information or any content that is obscene, indecent, seditious, offensive, defamatory, threatening, or which incites or results in causing racial hatred, discrimination, menace or breach of confidence.

The site reserves the right to add/modify/discontinue any of the features offered with a service.

AMENDMENT TO USER(S) AGREEMENT

Plant Bee may change, modify, amend, or update this agreement from time to time without any prior notification to user(s) and the amended and restated terms and conditions of use shall be effective immediately on posting. If you do not adhere to the changes, you must stop using the service. Your continuous use of the service will signify your acceptance of the changed terms.

COPYRIGHT

All content on this web site is the copyright of Plant Bee except the third party content and link to third party web site on our website.

Plant Bee is not an expert in your intellectual property rights, and we cannot verify that the users of our online marketplace - who post various trade leads on the website - have the right to sell the goods offered. We will appreciate your assistance in identifying listings which may not appear on their face to infringe your rights but which you believe are infringing. Plant Bee is also not an arbiter or judge of disputes about intellectual property rights. By taking down a listing, as a prudential matter, Plant Bee is not endorsing a claim of infringement. Neither, in those instances in which Plant Bee declines to take down a listing, is Plant Bee determining that the listing is not infringing, nor is Plant Bee endorsing the sale of goods in such cases.

Plant Bee respects the intellectual property rights of others, and we expect our user(s) to do the same. Plant Bee believes that user(s) agree that they will not copy, download & reproduce any information, text, images, video clips, directories, files, databases or listings available on or through the web site (the "Plant Bee content") for the purpose of re-selling or re-distributing, mass mailing (via email, wireless text messages, physical mail or otherwise), operating a business competing with Plant Bee, or otherwise commercially exploiting the Plant Bee content. Systematic retrieval of Plant Bee content to create or compile, directly or indirectly, a collection, compilation, database or directory (whether through robots, spiders, automatic devices or manual processes) without written permission from Plant Bee is prohibited.

In addition, use of the content for any purpose not expressly permitted in this Agreement is prohibited and may invite legal action. As a condition of your access to and use of Plant Bee's services, you agree that you will not use the web site service to infringe the intellectual property rights of others in any way. Plant Bee reserves the right to terminate the account of a user(s) upon any infringement of the rights of others in conjunction with use of the Plant Bee service, or if Plant Bee believes that user(s) conduct is harmful to the interests of Plant Bee, its affiliates, or other users, or for any other reason in Plant Bee's sole discretion, with or without cause.

INTELLECTUAL PROPERTY RIGHTS

Plant Bee is the sole owner or lawful licensee of all the rights to the web site and its content. Web site content means its design, layout, text, images, graphics, sound, video etc. The web site content embody trade secrets and intellectual property rights protected under worldwide copyright and other laws. All title, ownership and intellectual property rights in the web site and its content shall remain with PlantBee.com, its affiliates or licensor's of PlantBee.com content, as the case may be.

All rights not otherwise claimed under this agreement or by PlantBee.com, are hereby reserved. The information contained in this web site is intended, solely to provide general information for the personal use of the reader, who accepts full responsibility for its use. Plant Bee does not represent or endorse the accuracy or reliability of any information, or advertisements (collectively, the "content") contained on, distributed through, or linked, downloaded or accessed from any of the services contained on this web site, or the quality of any products, information or other materials displayed, or obtained by you as a result of an advertisement or any other information or offer in or in connection with the service.

TERMINATION

Most content and some of the features on the web site are made available to visitors free of charge. However, the Site reserves the right to terminate access to certain areas or features of the web site (to paying or registered users) at any time for any reason, with or without notice. The site also reserves the universal right to deny access to particular users to any/all of its services/content without any prior notice/explanation in order to protect the interests of the Site and/or other visitors to the web site. The Site reserves the right to limit, deny or create different access to the web site and its features with respect to different user(s), or to change any of the features or introduce new features without prior notice.

All rights reserved.

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