NEW DELHI: National Mineral Development Corporation (NMDC) and Steel Authority of India Limited (SAIL) on Monday signed a memorandum of understanding (MoU) to form a joint venture for the development of limestone mines in the sensitive hill region of Arki in Himachal Pradesh.

Aditi Phadnis & Ajay Modi / New Delhi October 7, 2009, 0:42 IST

ArcelorMittal

New Delhi,

Mukesh Ambani-run Reliance Industries and Anil Ambani's Reliance Infrastructure are the only two companies to have qualified for the $6-8 billion project to convert coal into oil, as per the criteria set by the government.

S. K. Roongta

NEW DELHI: The Steel Authority of India (SAIL) on Monday announced that it had posted Rs. 1,835 crore net profit for the quarter ended June 30, a growth of 20.3 per cent over same period last fiscal riding on a 10-per cent growth in domestic sales including that of quality steels. It had a net profit of Rs. 1,525.12 crore in the first quarter of fiscal 2008.

The company's total income rose by 36.85 per cent to Rs. 11,421.99 crore in the latest quarter from Rs. 8,346.40 crore in the year-ago period.

Bowing to continuous government pressure, the steel industry today agreed to cut prices by Rs 4,000 a tonne on flat products, used in consumer durables and automobiles, and Rs 2,000 a tonne on long products, used in construction, with immediate effect. The industry also reiterated its April 22 commitment to hold prices for the next three months. The decision to cut prices, the third and the steepest this year, followed a meeting with Prime Minister Manmohan Singh, Finance Minister P Chidambaram and Steel Minister Ram Vilas Paswan.

This commercial ship, partly powered by a giant kite, set off on its maiden voyage from the German city Bremen to Venezuela in the third week of January. Designers of the vessel, MS Beluga