Connect with us

Economy & Market

CIL likely to convert reference shares of subsidiary into equity

Published

on

Shares

State-run miner Coal India Limited (CIL) plans to convert preference shares of its loss-making subsidiary Bharat Coking Coal Limited (BCCL) into equity shares to prevent it from heading to the bankruptcy tribunal because of default. CIL had given loans of Rs 2,540 crore to its subsidiary for working capital and investment requirement to keep it afloat. However, when BCCL could not repay, CIL in 2013 converted the dues into 5 per cent cumulative, non-convertible and redeemable preference shares of face value rs 1,000 each. The shares were to be redeemed by CIL on April 1this year. The subsidiary is also required to pay interest of about rs 880 crore.

"Although BCCL is no more a loss-making company, accumulated losses in excess of rs 2,100 crore have impacted its ability to pay the amount," said a senior CIL executive. "If allowed to default, BCCL will have to be referred to the NCLT according to norms. In an effort to save the company from getting referred to the tribunal, CIL is looking at the possibility of converting the preference shares to equity shares."

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Concrete

thyssenkrupp Polysius, SaltX partner for electrified production

Published

on

By

Shares

thyssenkrupp Polysius and Swedish startup SaltX have signed a Letter of Intent (LOI) to co-develop the next generation of electrified production facilities, advancing industrial decarbonisation. Their collaboration will integrate SaltX’s patented Electric Arc Calciner (EAC) technology into thyssenkrupp Polysius’ green system solutions, enabling electric calcination, replacing fossil fuels with renewable energy, and capturing CO2 for emission-free production. Dr Luc Rudowski, Head of Innovation, thyssenkrupp Polysius, emphasised that this partnership expands their portfolio of sustainable solutions, particularly in cement, lime, and Direct-Air-Capture (DAC). Lina Jorheden, CEO, SaltX, highlighted the significant CO2 reduction potential, reinforcing their commitment to sustainable industrial processes.

Continue Reading

Concrete

Terra CO2 secures $82m to scale low-carbon cement technology

Published

on

By

Shares

Terra CO2, a US-based sustainable building materials company, has raised $82 million in Series B funding, co-led by Just Climate, Eagle Materials and GenZero, with continued support from Breakthrough Energy Ventures. The investment will accelerate the commercial deployment of Terra’s OPUS technology, enabling the construction of multiple production facilities across North America and Europe. With the cement industry responsible for 8 per cent of global CO2 emissions, Terra’s solution provides an immediate, scalable alternative using abundant raw materials that integrate seamlessly with existing infrastructure. The company has secured key partnerships, including a deal with Eagle Materials for multiple 240,000-tonne plants.

Continue Reading

Concrete

Titan Cement Group enters South Asia

Published

on

By

Shares

Titan Cement Group has expanded into the South Asian market through a joint venture with JAYCEE, an India-based producer of supplementary cementitious materials. Titan will hold a majority stake in the newly formed company, Atlas EcoSolutions, which will focus on sourcing, processing, marketing, and distributing SCMs globally. This initiative aims to support sustainable construction by promoting alternatives to clinker-based cement. Jean-Philippe Benard, Head of Supply Chain and Energy Development, emphasised that the venture aligns with Titan’s strategy to lead in low-carbon building materials while reinforcing its commitment to sustainability and innovation. The move strengthens Titan’s position in a high-growth market while ensuring long-term access to SCMs.

 

Continue Reading

Trending News