Tata Steel, ArcelorMittal-Nippon Steel India unlikely to bid for NMDC unit

Tata Steel and ArcelorMittal-Nippon Steel India (AM/NS India) may not bid for NMDC’s privatisation-bound, under-construction 3 million tonnes per annum (mtpa) steel unit at Nagarnar in Chhattisgarh. This leaves Sajjan Jindal’s JSW Steel, Naveen Jindal’s Jindal Steel and Power and new entrants into the steel sector like Vedanta and Adani Group, in the fray.

The Centre had in October 2020 approved demerger of the unit from the parent NMDC and strategic disinvestment of the demerged entity by selling its entire stake in it to a strategic player. NMDC is likely to complete the demerger process by August-September, coinciding with the commissioning of the unit. Following this, bids for the demerged entity would be called for.

NMDC may end up spending around Rs 22,000 crore, higher by Rs 6,500 crore than originally estimated, for the plant mainly due to seven years of time overrun

Read More : https://www.financialexpress.com/industry/tata-steel-arcelormittal-nippon-steel-india-unlikely-to-bid-for-nmdc-unit/2503233/

Gautam Adani is now world's fifth richest person

Gautam Adani, the chairperson of Adani Group, has become the fifth-richest person in the world, according to Forbes data. Adani, 59, achieved the feat by overtaking legendary investor Warren Buffett.

Adani's net worth surged to USD 123.7 billion as of Friday's market close while Warren Buffett's (91) net worth stood at USD 121.7 billion.

Adani's estimated USD 123.7 billion net worth makes him the richest person in India, USD 19 billion wealthier than the country's number 2, Mukesh Ambani who is the chairman of Reliance Industries. His net worth is estimated to be USD 104.7 billion, according to Forbes.

Read More : https://www.indiatvnews.com/business/news/gautam-adani-is-fifth-richest-person-in-world-2022-04-26-772244

Net direct tax collection reaches highest-ever figure in FY 22

The net direct tax collections (income tax and corporate tax) reached an all time high of Rs 14.09 lakh crore in financial year 2021-22 against Rs 9.45 lakh crore collections in FY 2020-21, CBDT Chairman J.B. Mohapatra said on Tuesday.

Read More : https://economictimes.indiatimes.com/news/economy/finance/net-direct-tax-collection-reaches-highest-ever-figure-in-fy-22/articleshow/91108170.cms