Tata Steel Faces Rs 24.11-Bn Demand from Odisha Authorities

07 Oct 2025 CW Team

Shares of Tata Steel came under pressure as the company faces a fresh financial demand of Rs 24.11 billion from Odisha authorities. The claim arises from alleged shortfalls in dispatch obligations at the company’s Sukinda mine under the Mine Development and Production Agreement (MDPA). Authorities have included both the asserted sale value of the shortfall and the appropriation of performance security under Rule 12A of the Minerals Concession Rules, 2016.

Tata Steel has disputed the demand, stating that it has substantial grounds to challenge it legally. In a statement, the company said, “The company believes that the State's demands lack justification/substantive basis, and that it has good grounds to challenge the said demand, both on law and merits. Accordingly, the Company will pursue suitable legal remedies before the appropriate judicial and/or quasi-judicial forum(s).”

The company’s stock closed 3.40 per cent lower at Rs 173.20 on BSE, with a market capitalisation of Rs 2.16 trillion and a turnover of Rs 500.93 million.

This follows a previous demand of Rs 19.02 billion for the fourth year, which Tata Steel is already contesting in the Orissa High Court. The court granted an interim stay on August 14, 2025, later extended on September 2, halting any coercive action.

Observers note that the case underscores the strategic importance of the Sukinda mine and highlights challenges faced by mining companies in navigating evolving regulatory frameworks in India’s resource sector. Tata Steel maintains confidence in its compliance track record while the matter awaits further judicial proceedings.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..