JSW STEEL SEEKS LEGAL OPINION TO BID SOLO FOR ESSAR STEEL

NEW DELHI: JSW Steel is seeking a legal opinion if it can bid solo for stressed assets of Essar Steel, a top company official said on Tuesday. When asked if JSW Steel is considering going solo for bidding for Essar Steel, JSW Steel joint managing director Seshagiri Rao said that it would depend on legal opinion and the view of the committee of creditors (COC). “When the second round of bidding was happening, JSW Steel was looking at submitting the bid alone. We were not permitted,” he said. “So we are seeking a legal opinion and based on that opinion we will take a call.” JSW Steel had teamed up with Numetal to place a ₹37,000-crore offer for Essar Steel in the second round of bidding.

Oil firms unlikely to cut dividends: finance ministry

NEW DELHI: The finance ministry Tuesday said it does not expect a cut in dividend from oil marketing companies (OMCS) despite these retailers absorbing ₹1 per litre from last week. Economic affairs secretary SC Garg in a tweet said there is no plan for reduction in subsidy and disinvestment target will also be met. As far as disinvestment is concerned, the centre has set an ambitious target of ₹80,000 crore for the current financial year. In the Budget for 2018-19, Finance Minister Arun Jaitley said the Department of Investment and Public Asset Management (DIPAM) will move forward to bring in more exchange traded fund (ETF), including launching a debt fund.

BOB, Vijaya and Dena Bank seek govt nod for merger

MUMBAI: After getting approvals from their respective boards, state-run Bank of Baroda, Vijaya Bank and Dena Bank have sent the proposal to merge all the three lenders to the government for a final approval, a top bank official said. The government had announced the merger of Bank of Baroda, Vijaya Bank and Dena Bank on September 17, to create India’s third largest lender. “The next step would be the government approving formally the merger process, and then the swap ratio,” Bank of Baroda managing director and chief executive officer PS Jayakumar told reporters. He said the merger will take four to six months to complete.

Sebi allows foreign entities to trade in commodities

NEW DELHI: Market regulator Sebi on Tuesday allowed trading in the segment by foreign entities with exposure to the Indian physical commodity market. Currently, foreign entities are not permitted to directly participate in the Indian commodity derivatives market, even if they import/export various commodities from/to India. As per Sebi, such entities by virtue of their actual exposure to the various commodities in Indian market are valuable stakeholders in the value chain of such commodities, and are also exposed to price uncertainty of Indian commodity markets.

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