The Northern Coalfields Ltd (NCL) said that it has set up a research and development centre focusing on a sustainable model for development in coal mining. The R&D centre, named ‘SARAS’, will be the centre of excellence, infrastructure up-gradation and IT initiatives for the subsidiary of the Coal India Ltd.
N. Srinivasan has suggested the revival of a freight equalisation fund for India’s cement industry. This is essential to move cement seamlessly to North India, said Srinivasan.
India’s freight equalisation policy was introduced in 1952 by the Centre to facilitate equal growth of industry across the country. This essentially meant a factory could be set up anywhere in India and the long-distance transportation of minerals would be subsidized by the central government. The policy applied only to commodities such as iron, steel, cement and the like. The policy, a creation of Nehruvian socialism, ostensibly intended to redistribute wealth and resources so as to provide equal access to everybody.
Singareni Chairman and Managing Director N. Sridhar received the prestigious Bharatiya Mahantam Puraskar 2019-20, at the 13th Asian Business and Social Forum conference held at Bangkok, Thailand under the auspices of the Asia One magazine.
The government is planning to sell 5 percent stake in Steel Authority of India Ltd. through an offer-for-sale, which could fetch about Rs 1,000 crore to the exchequer, an official said. Officials from the Department of Investment and Public Asset Management and steel ministry are planning roadshows in Singapore and Hong Kong for SAIL stake sale. However, the Hong Kong roadshow might be called off due to coronavirus outbreak.
US administration’s decision to increase tariffs on derivative steel and aluminium imports by 25 per cent and 10 per cent, respectively, took effect on February 8, 2020.
US President Donald Trump signed a proclamation two weeks ago to raise tariffs on derivative steel and aluminium imports to cover nails, staples and other downstream products, calling it “necessary and appropriate”, Xinhua reported.
Argentina, Australia, Brazil, Canada, Mexico and South Korea are exempt from the additional tariffs on derivative steel products, while Argentina, Australia, Canada and Mexico are exempt from the additional duties on derivative aluminium products, according to the proclamation.
India is moving towards ultra super critical power plants to burn coal responsibly and has retired 170 old and inefficient power units so far, assuring the nation’s commitment to 40 per cent non-fossil fuel based energy by 2030, a senior environment ministry official said.