JSW beat out rivals Tata Steel Ltd. & Liberty House Group with a bid of about Rs 19,700 crore, and now adds 3.5 million tons a year of capacity to its operations.
Steel companies are taking a battering this year as a crisis in the country’s shadow banking sector fueled a cash crunch, and economic growth slowed to a five-year low.
India's overseas purchases from South Korea, Japan and other Southeast Asian neighbours totalled 7.8 million tons, making it a net importer, and are likely to stay around that level this year.
Challenges from rival bidders & creditors have seen Mittal's firm make dozens of trips to court since an initial bid in Feb 2018 to acquire Essar Steel.
Finance ministry says the proposed revamp will focus on structural reforms, rate rationalisation & ease of living, & will be deliberated upon in the coming weeks.
The project is meant to be a ‘protective shield that will keep expanding’, the PM said. It is on the lines of the ‘Golden Dome’ announced by Trump, it is learnt.
Standing up to America is usually not a personal risk for a leader in India. Any suggestions of foreign pressure unites India behind who they see as leading them in that fight.
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