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SAIL-NMDC to Set up JV for Mining Limestone Reserves

The two steel ministry PSU giants are going to ink an MoU on Monday for setting up a joint venture for the development of Aakri Limestone Mine, Solan, in Himachal Pradesh. This MoU will be signed in the presence of Steel Minister Virbhadra Singh on Monday.

The Aakri mines have steel grade limestone reserves and the JV Company will supply the lumps to SAIL and the fines will be sold to the cement companies by NMDC. An investment of INR 200cr from the JV will go for the development of the mines.

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The reserves are estimated at around 200 million tonnes. However, the actual mining of the reserves will start only after 2 or 3 years. Currently a feasibility study is being conducted and a detailed project report will be submitted soon by the JV.

NMDC – SIIL to Merge By January
National Mining Corporation of India (NMDC), the country’s largest iron ore producer, is all set to merge Sponge Iron India Limited (SIIL) with itself by January 2010. This merger will be completed once the clearance from the Corporate Affairs Ministry is obtained.

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The hearing for the merger by the Corporate Affairs Ministry is set on November 17th, to resolve any issues or concerns, including those of the share holders will be addressed. The government cleared this merger on May 2009 and the proposed merger got the shareholders approval in June this year.

As per the current deal, SIIL will get assured financial support and iron ore supply from NMDC, once the merger is completed. However, NMDC is now conducting financial feasibility study for its proposed INR 1,200cr investment in the firm as globally sponge iron prices have slumped.

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GMR Hyderabad Airport’s Breakeven Time Delayed To 2020

The GMR Hyderabad International Airport announced that the breakeven point for the airport will be achieved only by 2020, instead of the previously projected year of 2014. This delay in achieving break even is mainly attributed to the current economic slowdown.
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Also, GMR has made a request to the Airport Economic Regulatory Authority (AERA) to hike the UDF (user development fee). The airport’s CEO defended this move saying that Hyderabad airport grew lesser than the average and far below the growth registered by Chennai and Bangalore and hence hike in UDF was essential.
However, this situation may change if the conditions improve in the country and other parts of the world.

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Essar Completes Acquisition of Shree Precoated Steel
The total value of the fixed and current assets that has been acquired by Essar stands at INR 1200cr. This amount will be funded by equity and debt. With the completion of this acquisition, Essar Steel would now have the largest cold rolling capacity (two million tonnes), the largest colour coating facilities (0.4 million tonnes), galvanising capacity of 1.0 million tonnes and pickling capacity of 2.2 million tonnes in the country.
Ruias led Essar Steel has completed the acquisition of Ajmera group’s Shree Pre coated Steel. On August 4, Essar Steel announced its agreement with Shree Precoated Steels to acquire the fixed assets and steel business. With this deal, the top line of Essar would go up by INR 2600cr and the bottom line by at least INR 200cr per annum.

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AAI to Invite Bids for City Side Development of 10 Non Metro Airports

The government is planning to invite bids for city side development of 10 non metro airports. The Airports Authority of India (AAI) is currently in the process of land identification, which it hopes to complete by the end of November. Following this, the request for Quotation (RFQ) process is expected to begin by the following month.
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AAI is looking to improve the revenues from non aeronautical activities like duty-free shops and food and beverage sales. While international airport operators earn 70% of their revenue from these activities, AAI garners only 25%. AAI is also facing a revenue shortage of INR 5000cr.

AAI to Invite Bids for City Side Development of 10 Non Metro Airports
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AAI is looking to improve the revenues from non aeronautical activities like duty-free shops and food and beverage sales. While international airport operators earn 70% of their revenue from these activities, AAI garners only 25%. AAI is also facing a revenue shortage of INR 5000cr.
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