The Indian Railways has increased the freight rate on iron-ore transportation by 5-6% by reclassifying it into ‘class-180’ from ‘class-170’. The change in the rate of freight is effective from April 1. The Railways has also announced some changes in the surcharge rates. While the surcharge on iron ore transported to ports for export has been increased to 100% from 60%, the surcharge on ore meant for domestic use has been reduced to 30% from 60%. The change in surcharges will be effective from April 15.
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American Tower Company (ATC) is believed to be the frontrunner among the bidders for investing in the tower firm of Tata Teleservices. Boston-headquartered ATC is a publicly-held company owning and operating over 23,000 sites in the US, Mexico and Brazil. According to sources, Tata Teleservices and ATC are in talks over the valuation of the tower entity of the telco.
Recently, Tata Teleservices managing director Anil Sardana had said that the task of divesting stake in its tower company would be concluded by the end of May. Tata Tele wants to divest anything between 26% and 49%. According to the company, around 15 strategic investors were shortlisted for picking up a stake in the hived-off tower entity of Tata Tele. At present, Tata Teleservices Ltd (TTSL) has 10,000 towers, and Tata Teleservices Maharashtra Ltd (TTML) 3,500 towers.
The equity dilution model works very well in the tower business as this is a capital-intensive business. While financial investors offer capital for the infrastructure needed in the business, strategic investors can help in the actual operation of tower companies.
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JSW Steel Ltd has announced that following the merger of Southern Iron & Steel Company Ltd (SISCOL) with JSW Steel Ltd, the Company posted a growth of 37% in Crude steel production for the year ended March 2008 over the previous year. The Company has also shown on comparable basis a 20% growth in volume of Crude steel production even after excluding 4.55 lakh tons of Crude steel produced by the erstwhile SISCOL. The Hot Strip mill recorded a highest ever production of 27.15 lakh tons during the financial year showing a capacity utilization of 108%.
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