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JSW Steel Arm To Raise Rs 26 Bn For Thyssenkrupp Buyout

Jsquare was established four months back and does not have its own operations.

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A JSW Steel group entity aims to raise Rs 26 billion through a three-year zero-coupon bond to fund its Rs 39 billion acquisition of Thyssenkrupp Electrical Steel India from Germany’s Thyssenkrupp Group. The deal will be financed with Rs 26 billion in debt and Rs 13 billion in equity. 
The bond will be raised on January 24 which has an implied yield of 9.45%. The fund raise is at Jsquare Electrical Steel Nashik (JESPL) entity, which was set up in September 2024 and is a subsidiary of JSW JFE Electrical Steel, a joint venture between JSW Steel and Japan’s JFE Steel, Japan’s second-largest steelmaker. 
Both partners will infuse Rs 13 billion in equity into Jsquare and provide a board-backed letter of comfort, to ensure that the company can meet its financial obligations under the bond issuance, according to the terms of the bond. 
Jsquare was established four months back and currently does not have its own operations. After the acquisition, the joint venture plans to rename tkES India to reflect the JSW and JFE brands. 
The transaction will provide JSWSL, exclusive license from Thyssenkrup to manufacture cold rolled grain oriented (CRGO) electrical steel in India, which is restricted to only a handful of steel producers globally snf Jsquare will benefit from managerial, financial, and operational support from both JV partners, said Care Ratings which assigned AA-, Stable rating to the proposed NCDs. 
JSW Steel has a production capacity of 35.7 million tonnes per annum (MTPA), including 1.5 MTPA in the US, while JFE Steel is a globally recognized steel manufacturer with a decades-long collaboration with JSW Steel. 
                                     

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Beyond Basics: Unique Ideas for Using Distemper Paint Colours in Your Home

Unique distemmper paint ideas for a vibrant home.

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Rohit and Nisha had just moved into their first rented apartment in Pune. The place had everything they wanted. Great sunlight, a tiny balcony, and affordable rent. But the walls? A dull, ugly and patchy beige that made even their colourful paintings look tired. “Let’s colour the walls,” Nisha said enthusiastically. Rohit looked at her with a calculator in hand. “You mean spend half our salary on emulsions?”
Just then, their neighbour popped in and said, “I have been using distemper paint on walls for years. It is affordable, looks good, and you can wipe it clean when your friends spill chai.” This is how they discovered a painting option that is simple, modern, and vibrant.

Why Distemper Paint Makes Sense?
Many people think of distemper as old-school, but today’s version is far from that. For example, Birla White TRUTONEx Distemper is white cement-based, giving walls better bonding and a smooth finish compared to regular acrylic paints. It is also highly washable, easy to maintain, and incredibly affordable.
The distemper paint price is lower than emulsions, but the finish is bright, clean, and perfect for giving your space a fresh look. Additionally, products like TRUTONEx offer premix shades like Super White, Pastel Green, Merrie Pink, Electric Blue, Daffodil Yellow, and Off White.
1. Living Room
Rohit decided to turn their living room TV wall into a cozy setup. Instead of painting everything, he used Electric Blue on just one wall. The bold shade added personality without costing much. 
2. Kitchen
Their friend Meera had a kitchen so dark; you could barely get any sunlight inside. Her solution? Off White. It instantly brightened up the kitchen, making it look clean, spacious, and well-lit even without much natural light. Since distemper is easy to clean, occasional oil splashes or stains don’t leave permanent marks.
3. Bedroom
Bedrooms should feel relaxed, and Daffodil Yellow does just that. Riya used it on all four walls of her bedroom. The warm and cheerful tone added a soft glow, making the room feel cozy and uplifting. Unlike darker shades that make small bedrooms feel cramped, light distempered shades can make the space appear larger and brighter.
4. Dining Space
Not every wall has to scream colour. Their neighbour used Pastel Green in her dining area. She paired it with warm lighting and wooden furniture. The paint and distemper gave the space a fresh and natural vibe. The subtle green tone brought calmness and balance, making even a tiny 6-seater space feel sophisticated and inviting.

5. Kids’ Room
Nisha’s niece considered walls her personal sketchpads. Instead of expensive paint, their family went with Merrie Pink for the kids’ room. The colour was bright and cheerful. So, when the inevitable crayon marks appeared, a damp cloth did the job. That’s the beauty of high washability.
6. Entryway
Finally, Nisha painted the entryway with Super White. The moment anyone steps in, the space feels open, airy, and fresh. White also pairs beautifully with almost any decor style. Since distemper paint price is low, refreshing high-traffic areas like entryways every year does not feel like a luxury anymore.
Finally, Nisha painted the entryway with Super White. The moment anyone steps in, the space feels open, airy, and fresh. White also pairs beautifully with almost any decor style. Since distemper paint price is low, refreshing high-traffic areas like entryways every year does not feel like a luxury anymore.

A Fresh Look That Doesn’t Empty Your Wallet


By the end of the weekend, Rohit and Nisha’s apartment had transformed from a boring beige box into a vibrant and lively home. Sometimes, it is not about expensive finishes or complicated techniques. It is about being smart with classic options and making them shine. With the right shades in the right spaces, TRUTONEx distemper gives your home personality and style. To explore the range of colour shades, visit www.birlawhite.com.

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Maiden Forgings Becomes Approved Supplier to OFB Murad Nagar

New registration strengthens company’s role in India’s defence manufacturing

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Maiden Forgings Limited (MFL), one of India’s leading producers of bright steel bars and wires, has been officially registered as an approved supplier with the Ordnance Factory Board (OFB), Murad Nagar, under the Centralised Vendor Registration process.
This recognition adds to MFL’s existing registration with OFB Kolkata, marking another strategic step in its deepening engagement with India’s defence manufacturing ecosystem. With this new approval, the company strengthens its foothold in the Business-to-Government (B2G) segment and expands its participation in the nation’s defence production network.
Commenting on the milestone, Nishant Garg, Managing Director, Maiden Forgings Limited, said, “We are pleased to share that MFL has now been registered as a supplier with the Ordnance Factory Board, Murad Nagar. This milestone further builds on our existing registration with OFB Kolkata and reinforces our commitment to contributing to India’s self-reliance in defence manufacturing.”
He added that the registration marks a significant move in MFL’s expansion into the defence and B2G sectors. “With our decades of metallurgical expertise, modern facilities, and unwavering focus on quality, we are well-positioned to meet the evolving needs of the defence sector and continue delivering high-performance products aligned with national priorities,” Garg said. 

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Steel Industry Seeks Stronger Action to Curb Rising Imports

Producers urge policy steps as imports surge, hurting domestic utilisation

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India’s steel producers have called for stronger government intervention to curb rising steel imports, particularly from China, which produced 746.3 million tonnes (MT) of crude steel between January and September 2025 — over six times India’s output.
According to the World Steel Association, India produced 122.4 MT during the same period. In September alone, China’s production of 73.5 MT was more than fivefold India’s 13.6 MT.
The stainless steel sector continues to face pressure from imports, operating at just 60 per cent of its 7.5 MT installed capacity. Industry representatives warned that unless measures are strengthened, domestic utilisation and investment plans could suffer.
Over the past few years, the Ministry of Steel has introduced over 100 Quality Control Orders (QCOs) to prevent non-BIS-compliant steel products from entering the Indian market. The June 2025 QCO even imposed restrictions on importing certain steel inputs.
“The validity of QCOs can be extended to prevent sub-standard and cheap material from entering the country,” said an industry executive, calling for further protective measures aligned with the government’s Atmanirbhar Bharat vision.
In March 2025, the Directorate General of Trade Remedies (DGTR) recommended a 12 per cent provisional safeguard duty for 200 days on select steel products to counter a surge in imports. However, the stainless steel industry later sought a broader probe, as its concerns were not fully covered by the duty.
A high-level committee of NITI Aayog is expected to meet steel industry leaders next week to discuss the issue, sources indicated.
Data from BigMint show that domestic steel prices fell to a five-year low in October due to higher import inflows. The Reserve Bank of India (RBI) has also flagged the rise in imports — largely driven by lower prices — and called for policy support to strengthen domestic competitiveness.
India imported 0.79 MT of finished steel in September 2025, up from 0.69 MT in August, marking the sixth consecutive month as a net steel importer. Imports from Korea, Russia, and Indonesia rose, while those from China, Japan, Vietnam, Thailand, and Taiwan declined year-on-year.
During the first half of FY26, inbound shipments exceeded exports by 0.47 MT despite a 40 per cent rise in export volumes to 4.43 MT, underscoring the growing import imbalance faced by the domestic steel industry.

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