Tata Steel accepts $130-mn to settle UK plant loss

Tata Steel’s arm here said it had got $130 million as final settlement from the consortium of global steel buyers which had prematurely terminated, in May 2009, a 10-year purchase contract.

The termination had plunged Tata’s Teesside Cast Products (TCP) unit in northeast England into losses, leading to partial closure and layoffs at the factory. The matter went into arbitration, with Tata claiming a loss of $220 mn from the action.

The arbitration tribunal upheld the Tata claim that agreement was not validly terminated. On January 5, Tata Steel UK received a partial final award in its favour. Tata Steel, in a statement issued to the stock exchanges in India, said, “Following that partial final award, a commercial settlement to all disputes relating to the offtake agreements was reached and on June 21, Tata Steel completed a full and final settlement of claims with the consortium of former offtakers. As a result of this settlement, Tata Steel has received an aggregate sum of approximately $130 million.”

This final settlement comes four months after Tata Steel UK sold TCP to Sahaviriya Steel Industries, a Thai company, in a deal valuing the business at $469 mn.

The consortium of four buyers which had withdrawn from the 10-year buying contract were Marcegaglia of Italy, Dongkuk of South Korea, the Swiss-headquartered Duferco and Alvory of Uruguay.

Source: http://www.business-standard.com/india/news/tata-steel-accepts-130-mn-to-settle-uk-plant-loss-/440173/

Thai Indian entrepreneur’s wealth soars by 252%

The ongoing political turmoil in Thailand has apparently not prevented the kingdom”s richest people from getting richer.The biggest gainer in percentage terms is longtime Thai Indian resident Aloke Lohia.

His wealth soared by 252 percent when he took his integrated polyester company, Indorama Ventures, public earlier this year. This son of an Indian entrepreneur is a newly minted billionaire and jumped 13 notches to No. 6, with a net worth of 1.25 billion dollars.

The 40 wealthiest Thais are now worth 36.5 billion dollars, up 46 percent from last year, according to the latest Forbes Asia Thailand Rich List. Three quarters of the tycoons on the rich list added to their fortunes thanks to a booming stock market and a strengthening currency.

Also joining the country’s billionaire ranks for the first time this year are Pruksa Real Estate’s Thongma Vijitpongpun (No.8; 1.15 billion dollars) and Mitr Phol Sugar’s Isara Vongkusolkit (No. 10; 1.1 billion dollars). In all, there are 11 billionaires this year, six more than last year.

Read More:  Thai Indian entrepreneur’s wealth soars by 252%

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