Numetal's first bid was rejected due to the 25% share owned by Rewant Ruia, the son of Essar Steel founder Ravi Ruia, since he was deemed a related party. JSW Steel bought out this contentious stake ahead of the second bidding round

Numetal's first bid was rejected due to the 25% share owned by Rewant Ruia, the son of Essar Steel founder Ravi Ruia, since he was deemed a related party.

Vedanta hopes to gain from Venkatakrishnan's South African experience in leveraging the strength of its copper mines in the country.

Vedanta bags 41 of 55 oil blocks in maiden open acreage auction; Johnson & Johnson has been slapped with penalty in the US for faulty hip replacements; and housing units worth Rs 4.64 lakh crore delayed in 7 top cities. BusinessToday.In Editor Rajeev Dubey explains this and more on The Good, The Bad and The Ugly.

Gross NPAs of banks may improve to 10% in March 2019 as resolution process picks up paceThe gross non-performing assets (GNPAs) of the banking sector is likely to improve to 10 per cent in March 2019, from 11.52 per cent as on June 30, 2018, as nearly 60 per cent of the bad loans of the sector are under active resolution, a report has said. The net NPA is also expected to decrease to 4.3 per cent, from 5.92 per cent as of June-end this year, ICRA said in its report. The rating age...

Last year in July, India had allowed companies to carve out blocks of their choice with a view to bringing about 2.8 million sq km of unexplored area in the country under exploration.

The Tamil Nadu government has sought the dismissal of the petition challenging the Tamil Nadu Pollution Control Board's decision to shut down the Sterlite Copper smelter.

Mining baron Anil Agarwal's $1 billion share buyback offer of Vedanta Resources cheered up shareholders in London as the share price shot up by 26 per cent in the morning trade to over 800 pence.

The Income Tax Department seized the shares after issuing Cairn with a Rs 10,247 crore tax demand on capital gains made on at the time of the sale of business to Anil Agarwal-led Vedanta.

The move comes weeks after the killing of 13 protesters in police firing at the company's copper smelter plant in Tamil Nadu last month that led to political opposition to the company in the UK and drop in its share price.

Vedanta Resources in a statement said it would recommend acceptance of the offer by the shareholders, who would also be entitled to a previously announced dividend of $0.41 per share. The company no longer sees the London listing as necessary to access capital and the deal will simplify Vedanta's corporate structure, it said.

Tuticorin is just one of the many instances of alleged environmental law violation by the group.

Vedanta has moved on to the next step in the acquisition drama over Electrosteel Steels Ltd (ESL) by setting up a new board of directors, even as a petition challenging its eligibility to bid for the same is pending before the National Company Law Appellate Tribunal.

As Vedanta's copper smelter serves over 800 small and medium enterprises, over 32,500 direct and indirect jobs could be affected. The closure of the Sterlite Copper plant would not only hurt one third of domestic supply but would also lead to a temporary spurt in domestic prices, costing India around $2.8 billion in forex annually.

Sterlite Copper hopes to restart its copper smelter in southern Indian city Tuticorin and still wants to double its capacity despite protests demanding its closure that killed 13 people this week.

The BJP government announced a slew of schemes after it assumed power in 2014 winning 336 Lok Sabha seats out of 543 seats. Work under most of these schemes is still under progress an year ahead of General Election 2019.

Vedanta Chairman Anil Agarwal described as 'unfortunate' the loss of 11 lives in violent protests demanding closure of a copper factory owned by group firm Sterlite Copper at Tuticorin in Tamil Nadu. In a video message on Twitter, Agarwal said the company would like to continue the business at the plant with the 'wish' of the community.

Claiming that the company strictly follows what the court and the government orders are, he said,\"We always make sure the community and Tuticorin people at large prosper with us.\"

The new round of bid will see larger bids since it will be the last chance to win the battle. In addition, the bids may go up the size of over Rs 35,000 crore, when Essar's loans stands at around Rs 45,000 crore.