OCTOBER 20239TOP STORIESINDIA'S CRUDE STEEL OUTPUT INCREASES TO 70 MT IN APRIL-SEPTEMBERIndia's crude steel production increased 14.7 percent to 69.65 million tonnes (MT) during the April-September period of 2023-24 fiscal year. The industry research agency reported that 61.06 MT of steel was produced during the same time last year.According to the report, the increase in production was mostly caused by higher capacity utilisation rates and capacity expansion by important Indian steel companies.The expansion of output will be supported by these variables even in the second half of the current fiscal year. Additionally, domestic finished steel consumption increased 14.77 percent to 63.99 MT from 55.75 MT in the same period a year prior. Exports fell 10.25 percent to 3.23 MT during the time from 3.60 MT in April-September 2022­2023.The inbound shipment increased by 13.33 percent year over year to 2.90 MT from 2.56 MT in the preceding period. The top six steel producers, namely Tata Steel, JSW Steel, Jindal Steel and Power (JSP), AMNS India, SAIL, and RINL, produced 41.24 MT collectively as compared to 38.3 MT in the same period last year. INOX GREEN ENERGY TO DIVEST 100 PERCENT STAKE IN NANI VIRANI WIND ENERGYInox Green Energy Services would sell its whole investment in Nani Virani Wind Energy Private Gujarat's 50 megawatt Nani Virani wind farm is now in operation.Inox Wind Limited (IWL), the parent company of Inox Green Energy Services (IGESL), announced in the filing that IGESL had executed a term sheet for the disposal of a 100 percent stake in Nani Virani Wind Energy SPV. After receiving all required financial and regulatory approvals, including those from the board and shareholders, the transaction will be finalised.Inox Wind and IGESL will both significantly benefit from this arrangement. Inox Wind's balance sheet will significantly deleverage while IGESL fulfils its goal of being net debt-free, enhancing the company's financial stability. As we go forward on our exciting adventure, we are committed to enhancing Inox Wind's performance on all fronts and raising our profitability, said Kailash Tarachandani, CEO of Inox Wind. IWL is India's top supplier of wind energy solutions, serving utilities, public sector organisations, private investors, and independent power producers.The acquisition will be completed once it has received all necessary regulatory and financial approvals, including those from the board and shareholders. On August 17, Inox Wind made a statement announcing that its promoter and promoter group companies have contributed 500 crore in the company to pay off debt. Inox Wind claimed that, before to taxes and other expenses, its promoter and promoter group companies had invested 500 crores. By selling equity shares of Inox Wind on the block deal stock exchange, its promoter and promoter group companies were able to raise the funds.
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