TATASTEEL

** UBS initiates coverage on India's Tata Steel TISC.NS with "Neutral" rating and PT at 220 rupees

** Key investor focus areas include cost savings, margin expansion, and the company's mitigation strategy for the expiry of captive iron ore mining leases in 2030 - brokerage

** Analysts at UBS expect similar capex as recent years based on lack of domestic capacity additions

** Projects TISC's domestic EBITDA CAGR at 11% for FY26-28E, supported by modest sales growth, limited steel price increases

** Sees co's European EBITDA increasing from 2 billion rupees in FY26 to 19 billion rupees and 28 billion rupees in FY27 and FY28 respectively, helped by Netherlands' carbon emissions tax and co's cost reduction initiatives

** Stock rated "Hold" on average by 34 analysts; median PT at 230 rupees -- LSEG compiled data

** YTD, stock up 10.1%

(Reporting by Mridula Kumar in Bengaluru)

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By Dharamraj Dhutia and Khushi Malhotra

MUMBAI, June 9 (Reuters) - Two of India's Tata Group infrastructure units are set to return to the corporate bond market in the coming days, after more than 15 months, two merchant bankers said on Tuesday.

Indian corporate bond yields have eased after the Reserve Bank of India maintained key policy rates unchanged last week, providing some relief to the market.

Tata Steel TISC.NS is set to raise 30 billion rupees ($313.23 million) through a sale of five-year bonds, while Tata Projects, a real estate firm, could raise 5 billion rupees to 10 billion rupees through a combination of three-year and five-year papers.

"Both the companies have alerted merchant bankers, and are waiting for the rates to ease further before tapping the market," one of the bankers said.

The bankers asked not to be named as they are not authorised to speak to the media. Tata Projects did not reply to an email seeking comment, while Tata Steel said, "We do not have any imminent plans for any issuances of bonds."

Before the RBI's rate decision, yields on AAA-rated two-to-five-year corporate bonds rose past 8%, their highest level since early 2019, according to LSEG data, and have crashed by around 50 basis points since.

Tata Steel, which has over 150 billion rupees in outstanding bonds, has a 10-billion-rupee maturity coming up in October. The AAA-rated borrower last tapped the market in February 2025, raising 30 billion rupees via five-year bonds at a 7.65% coupon.

During the same month, AA-rated Tata Projects raised 5 billion rupees by selling six-year bonds at 8.60% coupon.

($1 = 95.7750 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Harikrishnan Nair)

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By Aditya Kalra

NEW DELHI, June 3 (Reuters) - India's antitrust body is investigating Mrs. India Inc, an organiser of a beauty pageant for married women that sends winners to global events, accusing it of abusing its position and setting burdensome contract terms for participants.

The first such investigation by the Competition Commission of India (CCI) comes as it also investigates accusations of wrongdoing by some of the world's biggest companies, such as France's Pernod Ricard, Apple AAPL.O and India's Tata Steel.

It focuses on a niche area the regulator described as a "market for services of beauty pageants for married women in India" with the aim of sending winners to major international contests.

The CCI's analysis of agreements submitted by a contestant showed they contained "onerous terms", it said in Wednesday's order.

These include a five-year bar on many contestants and winners from participating in any other beauty pageant, whether as judge or mentor.

"Participants are also prohibited from signing or accepting any professional assignments or contracts without express written permission" of the firm, the CCI added.

Mrs India Inc did not respond to a Reuters request for comment.

CASE TRIGGERED BY COMPLAINT FROM RUNNER-UP

On its website, Mrs India Inc calls itself the "most credible" beauty pageant for married women in India and says it is "associated with most prestigious international beauty pageants for married women".

The CCI said its case was triggered by a complaint from Rinima Borah Agarwal, a runner-up in the 2024 competition, also crowned "Mrs. India Galaxy", allowing her to compete in the "International Mrs. Galaxy" pageant representing India in 2025.

The watchdog said it had sought comments and details of Mrs India Inc's tie-ups in 2025 in its review of the accusations, but the firm did not respond, despite numerous opportunities to do so.

Another onerous contract term, the watchdog pointed out, requires the pageant's participants and winners to "join hands with a social cause recognised and promoted" by Mrs India Inc.

The regulator's investigations can typically run for months before it hands down a final order resolving the matter.

(Reporting by Aditya Kalra; Editing by Clarence Fernandez)

((Email: [email protected]; X: @adityakalra;))

May 20 (Reuters) - Tata Steel Ltd TISC.NS:

• BOSTON METAL RAISES $75 MILLION TO SCALE CRITICAL METALS BUSINESS

• BOSTON METAL - TATA STEEL LIMITED JOINED ROUND

• BOSTON METAL - NEW CAPITAL BRINGS COMPANY'S TOTAL FUNDING RAISED TO OVER $500 MILLION

Source text: ID:nGNX8Hk82d

Further company coverage: TISC.NS

(([email protected];))

-- Source link: https://tinyurl.com/yyrwm67x

-- Note: Reuters has not verified this story and does not vouch for its accuracy

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** Shares of Tata Steel TISC.NS down 4.2% at 207.75 rupees, highest intraday pct fall since January 2025

** Steelmaker posts consol Q4 net profit of 29.26 billion rupees, missing analysts' estimate of 30.8 billion rupees, per data compiled by LSEG

REGULATORY HEADWINDS CLOUD OUTLOOK

** Citi ("Sell"; PT: 200 rupees) flags impending closure of coke ovens creating uncertainty

** Expects India EBITDA/t to expand in Q1 and Netherlands EBITDA/t to be relatively flat due to volume loss; sees 6,000 rupees/ tonne increase in realizations

** Goldman Sachs ("Neutral"; PT: 218 rupees) notes potential disruption in operating rhythm of Tata Steel Netherlands owing to environmental footprint concerns in a complex regulatory environment

** HSBC ("Buy"; PT: 260 rupees) says weaker growth pipeline vs JSW Steel and Netherlands regulatory issues will keep valuation multiples discounted

** Despite medium-term challenges, expects strong earnings growth supported by higher steel prices

** BoFA ("Neutral"; PO: 220 rupees) lowers Netherlands profitability forecasts on carbon emissions compliance, partially offset by lower UK losses due to revisions to the UK safeguards and rupee depreciation; cuts FY28E EBITDA by 2%

(Reporting by Mridula Kumar in Bengaluru)

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Updates with statement from Tata Trusts in 4th bullet

By Jayshree P Upadhyay

MUMBAI, May 15 (Reuters) - India's Maharashtra state charity commissioner has ordered Tata Trusts to defer its Saturday board meeting after complaints triggered an inquiry into the trusts' governance.

• Tata Trusts holds a controlling stake in the holding company of the Tata Group, Tata Sons, which faces pressure to list.

• The trusts have been told not to hold the meeting until an inspector completes a probe and submits a report.

• The order, seen by Reuters, follows complaints over trust composition. One of the complainants is Venu Srinivasan, a senior trustee at Tata Trusts, the charity commissioner's order said.

• In a late-night statement, Tata Trusts said that directions from the authorities are being examined and that it was not aware of any complaint filed by Srinivasan.

(Reporting by Jayshree P Upadhyay in Mumbai, Writing by Anna Peverieri in Barcelona; Editing by Shinjini Ganguli and Muralikumar Anantharaman)

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By Jayshree P Upadhyay and Gopika Gopakumar

MUMBAI, May 15 (Reuters) - Tata Sons, the holding company of 31 group companies including TCS TCS.NS, Tata Motors TAMO.NS and Tata Steel TISC.NS, is facing pressure to go public - a discussion likely to come up at a board meeting on Saturday of two trusts that are major shareholders.

Until now, Tata Sons has remained unlisted. But there is now pressure to list from internal stakeholders, including its second largest shareholder, the Shapoorji Paloonji (SP) Group. Rules from the Reserve Bank of India may also require them to list unless they can secure an exemption.

WHAT IS THE STRUCTURE OF THE TATA GROUP?

The 108-year old salt-to-steel conglomerate is uniquely structured, where a combine of philanthropic organisations broadly known as the Tata Trusts hold 66% in Tata Sons. Debt ridden-construction and infrastructure conglomerate SP Group holds 18.4% of the company.

The Tata Trusts comprise 13 entities, seven of which directly hold shares in Tata Sons. The board of Tata Trusts consists of six trustees drawn from these entities.

Noel Tata, scion of the founding family, is the current chairman of Tata Trusts and is a director on the Tata Sons board.

WHO WANTS TATA SONS TO LIST?

Pressure for listing is coming from multiple quarters.

At least two of the six Tata trustees - Venu Srinivasan and Vijay Singh - have supported the listing of Tata Sons in media interviews, saying expansion, especially into new areas like semiconductors, will require large capital that cannot be generated internally.

The SP Group wants a listing so it can monetise or exit its holding, which is not freely transferable in the current structure. But the SP group is not represented among the trustees.

The key pressure is regulatory, stemming from RBI rules requiring large non-bank lenders above certain asset thresholds or with public funds to list.

WHAT ARE THE RBI RULES AND WHY DO THEY APPLY TO TATA SONS?

As the holding company of a number of businesses, Tata Sons is classified as a core investment company, which falls under the RBI's regulations.

Revised rules issued last month state that companies with assets exceeding 1 trillion rupees ($10.45 billion), or those with direct or indirect access to public funds, must list.

As of March 2025, Tata Sons' standalone assets stood at 1.75 trillion rupees.

The RBI retains discretion to determine which firms can be exempt from listing.

HAS RBI CLARIFIED ITS STANCE

While analysts and legal experts say the revised rules make it harder for Tata Sons to remain private, the RBI has not publicly stated its position.

A request by Tata Sons for exemption is still under review. The company has reduced borrowings in an effort to avoid listing, but it remains unclear if that will suffice.

WHO IS OPPOSING THE LISTING?

Noel Tata has not made public comments, but has privately opposed converting Tata Sons into a listed entity. Media reports say he and other trustees unanimously opposed listing last year and asked the Tata Sons' chairman to engage with the RBI.

WHAT WILL HAPPEN AT THE SATURDAY BOARD MEET?

On Saturday, the boards of two key trusts — Sir Dorabji Tata Trust and Sir Ratan Tata Trust — which together hold over 50% of Tata Sons, will meet.

A central agenda item is discussion of the RBI rules and their implications for a potential listing.

Additional items include increasing the Tata Trusts’ representation on the Tata Sons board, the reappointment of its chairman, and a review of Tata Sons’ performance.

The board meeting, first since the RBI's rules were revised, is being keenly watched by the street for differences within the trustees on the listing of Tata Sons and how it may play out.

Under the Trusts' governance norms, resolutions are passed if a majority of trustees vote in favour. Therefore, if a majority of trustees support the proposal to list Tata Sons, the company would have to initiate the listing process.

($1 = 95.7150 Indian rupees)

(Reporting by Jayshree P Upadhyay and Gopika Gopakumar in Mumbai, editing by Ira Dugal and Raju Gopalakrishnan)

(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))

India File is published every Tuesday. Think your friend or colleague should know about us? Forward this newsletter to them. They can also subscribe here https://www.reuters.com/newsletters/.

By Ira Dugal

May 5 - Sun Pharmaceutical's mammoth all-cash bid for U.S. drugmaker Organon & Co last week is yet another instance of Indian companies making bolder bets overseas, backed by the strength of their balance sheets.

But history shows that returns from these cross‑border deals are not always assured. With global M&A now becoming a strategic necessity rather than just offering bragging rights, is that likely to change? Write to me with your views on Indian companies' growing global ambitions at [email protected].

And, two executives are in the running for the post of Air India CEO. Scroll down for more on that.

THIS WEEK IN ASIA

• While Asia and Europe scramble for natural gas, the US glut has nowhere to go

• China's central bank guides banks to step up lending in April, sources say

• Investors are running out of time to brace for true oil shock

• One of Iran’s most powerful families founded its largest crypto exchange. It’s used by the IRGC to move millions

NOT JUST AMBITION, BUT A STRATEGIC NEED

From pharmaceuticals to IT, Indian firms across sectors are looking overseas in search of newer markets, products and technologies for their next burst of growth.

Sun Pharma is buying Organon in a deal valued at about $11.75 billion including debt, ‌making it the largest overseas acquisition by an Indian pharma company.

It eclipsed another large overseas bet just months ago by IT firm Coforge to acquire artificial intelligence firm Encora for $2.35 billion, and Tata Motors' purchase of Italian commercial vehicle manufacturer Iveco for $4.45 billion in July 2025.

The first quarter of 2026 has seen 56 outbound transactions valued at $3.9 billion, according to data from advisory firm Grant Thornton Bharat LLP. In 2025, 162 such deals worth $18.2 billion were closed.

Proximity to customers, control over distribution and insulation from trade barriers are important drivers of outbound M&A, said Bhavesh Shah, managing director and head of investment banking at Mumbai-based investment bank Equirus Capital.

"What’s changed is the rise in capability-led acquisitions, whether it’s R&D, specialty products, or technology," Shah said. "So earlier it was about global ambition; today it’s more a strategic necessity to stay competitive and de-risk supply chains."

Sun Pharma, for instance, is acquiring a suite of products in women's health with the Organon purchase - a segment projected to have a $600 billion opportunity. Coforge entered the much-in-demand agentic AI space with its acquisition of U.S.-based Encora.

"Together, the two deals capture the full spectrum of India's outbound ambition: buying capability where it does not exist domestically and buying global scale where organic growth would take decades," said Sumeet Abrol, partner and national leader for deals at Grant Thornton Bharat.

GROWTH OF FINANCING OPTIONS

Corporate India's overseas ambitions have ebbed and flowed over the years, and some have left individual companies burdened with debt.

The buyout rush of the early 2000s - which saw Tata Steel acquire Anglo-Dutch group Corus for $12 billion, Tata Motors buy out iconic British brands Jaguar and Land Rover for $2.3 billion and Hindalco acquire Canada's Novelis for $6 billion - was one of the reasons that led to excess leverage on corporate balance sheets.

But after a decade-long clean-up, debt on most Indian corporate balance sheets is low. The median debt-to-EBITDA for rated Indian corporates was at 0.5 times as of March 2026, while interest coverage ratio was 5 times, according to rating agency CRISIL.

Recent deals don't immediately raise red flags, analysts said.

"Funding has been quite disciplined this cycle. It’s a good mix of internal accruals and moderate leverage," said Equirus' Shah.

Transactions such as Tata Motors' purchase of Iveco have also seen the increased use of guarantees to raise debt in overseas units. Tata Motors issued a $2.26 billion guarantee to back financing for the deal.

"The availability of debt financing on target balance sheets in overseas markets (LBOs) with no or limited recourse to acquiring balance sheets in India is also fueling some of this activity while keeping the Indian balance sheets deleveraged," said Grant Thornton's Abrol, adding that these financing options are increasingly available to even mid-market companies.

Abrol, however, said the deal struck by Sun Pharma is a transaction that needs to be "watched carefully" for balance sheet discipline.

"Post-transaction, the combined entity's net debt-to-EBITDA is projected at 2.3x — manageable, but a meaningful departure from Sun Pharma's historically net cash positive position," he said.

The company said it aims to bring down debt "soon", with analysts expecting a three-four year period for debt reduction.

MARKET MATTERS

Foreign investors have continued to offload Indian shares, selling a net $6.5 billion in April after dumping $12.7 billion in March. With no quick resolution to the war between U.S.-Israel and Iran, investors expect earnings growth in India to slow, making valuations unattractive. Read here.

The persistent outflows have pushed the rupee back down to record lows despite steps taken by the central bank to support the currency.

The Indian central bank is mulling steps to draw dollar flows, Reuters reported on Monday.

THIS WEEK'S MUST-READ

The Tata Group has zoomed in on two possible options for the post of Air India CEO, which fell vacant when Campbell Wilson resigned last month. Singapore Airlines executive Vinod Kannan and Air India's commercial head Nipun Aggarwal are the two frontrunners to become the new CEO of Air India, Reuters' Aditya Kalra and Abhijith Ganapavaram report.

(Reporting by Ira Dugal; Editing by Muralikumar Anantharaman)

(([email protected]))

April 21 (Reuters) - Tata Steel Ltd TISC.NS:

• TATA STEEL LTD - PARTNERS SMS GROUP TO DEPLOY WORLD-FIRST EASYMELT DECARBONISATION TECHNOLOGY

• TATA STEEL LTD - PROJECT AIMS TO CUT CO2 EMISSIONS BY MORE THAN 50 PERCENT VERSUS BASELINE OPERATION

Source text: ID:nBSE5mxBSq

Further company coverage: TISC.NS

(([email protected];))

April 10 (Reuters) - Modern Engineering and Projects Ltd MODE.BO:

• MODERN ENGINEERING AND PROJECTS LTD - GETS ORDER WORTH 600 MILLION RUPEES

• MODERN ENGINEERING AND PROJECTS LTD - GETS ORDER FROM TATA STEEL

Source text: ID:nBSE8wS5zn

Further company coverage: MODE.BO

(([email protected];))

** Shares of India's Tata Steel TISC.NS rise 3.35% to 204.84 rupees

** The steelmaker reported a 15% jump y/y to 6.25 million tons in domestic fourth-quarter crude steel production volumes, deliveries up 10% YoY at 6.19 million tons

** Gains also come amid an improvement in broader market sentiment after U.S. President Donald Trump agreed to a two-week ceasefire with Iran and as the RBI left its rates unchanged

** Stock rated "buy" on average by 31 analysts, median PT at 219 rupees, according to LSEG-compiled data

** TISC stock up 10.02%, YTD

(Reporting by Surbhi Misra in Bengaluru)

(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))

April 4 (Reuters) - Tata Steel Ltd TISC.NS:

• TATA STEEL - RECEIVES DEMAND NOTICE OF ABOUT 17.55 BILLION RUPEES OVER ALLEGED EXCESS COAL MINING

• TATA STEEL - MANAGEMENT BELIEVES THAT THE DEMAND LACKS JUSTIFICATION AND SUBSTANTIVE BASIS; WILL PURSUE SUITABLE LEGAL REMEDIES

Source text: [ID:]

Further company coverage: TISC.NS

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March 25 (Reuters) - Tata Steel Ltd TISC.NS:

• HIGH COURT GRANTS STAY ON TATA STEEL TAX PROCEEDINGS AS OF MARCH 25, 2026

Source text: ID:nBSER8m3b

Further company coverage: TISC.NS

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March 24 (Reuters) - Tata Steel Ltd TISC.NS:

• ACQUISITION OF EQUITY STAKE IN T STEEL HOLDINGS PTE.

• ACQUIRED SHARES AGGREGATING TO $180 MILLION

Source text: ID:nBSE2gPlgb

Further company coverage: TISC.NS

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March 20 (Reuters) - Tata Steel Ltd TISC.NS:

• INAUGURATES ITS FIRST SCRAP-BASED ELECTRIC ARC FURNACE IN INDIA

Source text: ID:nBSEC8STV

Further company coverage: TISC.NS

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March 17 (Reuters) - Tata Steel Ltd TISC.NS:

• BOARD APPROVES AMALGAMATION OF NEELACHAL ISPAT NIGAM WITH TATA STEEL

• APPROVES INVESTMENT UP TO USD 2 BILLION IN T STEEL HOLDINGS FROM FY2026-27 ONWARDS

• APPROVES ACQUISITION OF SECURITIES IN MEDICA TS HOSPITAL FOR 14.9 MILLION RUPEES

Source text: ID:nBSE9CHL6q

Further company coverage: TISC.NS

(([email protected];))

By Neha Arora

NEW DELHI, March 16 (Reuters) - Mounting gas shortages have disrupted operations at some steel plants of India's top metals conglomerate JSW Group, with one unit facing a potential shutdown in the coming days, according to an internal note seen by Reuters.

India, the world's second-largest crude steel producer, is facing its worst gas crisis in decades after the Middle East conflict disrupted supply routes.

JSW said in the note that disruptions to fuel supplies and maritime operations were starting to affect its operational stability and supply chain. As a result JSW Steel Coated Products risked missing sales and supply obligations for tinplate under the government's production-linked incentive scheme and has requested a six-month extension, it added.

"JSW has also received force majeure notice from one of its key suppliers - Petronet LNG Ltd owing to Middle East crisis affecting LNG shipment," the note said.

JSW did not immediately respond to a request for comment.

HUGE ADVERSE IMPACT

In a separate letter, also seen by Reuters, to the federal steel secretary dated March 7, the Indian Steel Association said a shortfall of propane and liquefied petroleum gas affected the entire value chain and would have a "huge adverse impact" on steel-based micro, small and medium enterprises and their ancillary units, which employ a large workforce.

JSW Steel JSTL.NS, Tata Steel TISC.NS and state-run Steel Authority of India SAIL.NS are among the ISA's members.

India has invoked emergency measures, restricting natural gas use to priority sectors after liquefied natural gas shipments through the Strait of Hormuz were disrupted by the conflict.

The ISA has asked the government to fast-track subsidised spot imports from non-Middle East sources and ensure priority allocation to steel and allied industrial clusters.

The steel association did not immediately respond to a request for comment.

India's small steel producers have warned of production halts because of gas shortages, Reuters reported last week.

(Reporting by Neha Arora; editing by Mayank Bhardwaj, Kirsten Donovan)

(([email protected]; X: neha_5;))

By Aditya Kalra

NEW DELHI, March 9 (Reuters) - When India's largest oil explorer opened a tender for a cement order in 2018, it sensed something was off by the competing bids coming in: all of them were exactly 7,000 rupees per tonne.

Oil and Natural Gas Corporation ONGC.NS queried the bids and got a wry reply from an executive at India Cements. Seven was his "lucky number", he explained.

Suspicious, ONGC quietly lodged an antitrust case against three Indian cement companies.

The details of the case were outlined in a confidential investigation report and evidence that were shared with the companies in January and reviewed by Reuters, following a five-year probe that found a decade of price collusion targeting state-run ONGC.

The Competition Commission of India (CCI) report said the "cartel period" ran 12 years between 2007 and 2018 for Dalmia Cement (Bharat), a unit of India's fourth-largest cement maker Dalmia Bharat DALB.NS, and rival Shree Digvijay SRDC.NS. India Cements ICMN.NS was part of the cartel for 2017-18.

The report identified thinly concealed attempts at collusion by Indian companies, signalling a growing willingness by the regulator to scrutinise domestic firms after months of high-profile investigations into foreign giants.

The Indian cement firms' bid rigging, discussions of supply patterns and efforts to oust foreign bidders were "substantiated from strong evidences in form of communication, meetings, emails, admission," said the 90-page report.

Local media outlet Zee Business reported the basic finding of wrongdoing last year, but Reuters is the first to report the detailed tactics and evidence which underpin CCI's investigation findings.

Dalmia Bharat declined to comment citing pendency of the matter before the CCI, but has previously said it is cooperating with the authorities. India Cements, which was acquired by No. 1 player UltraTech ULTC.NS in 2024, did not respond, and neither did Shree Digvijay, ONGC or the CCI.

The cement companies have been asked to respond to the report and the watchdog will then issue a final order within months. It has powers to drop any of the investigation findings, but fines can go as high as three times the companies' profit or 10% of their turnover for each year of wrongdoing.

In fiscal year 2024-25, Dalmia Bharat recorded annual revenues of $1.5 billion, Shree Digvijay $79 million and India Cements $444 million.

'SUPPORTED BY THE NUMEROLOGY FACTOR OF 7'

While Apple, Amazon and other foreign firms have faced intense antitrust scrutiny, the cement case highlights CCI's focus on big Indian firms from key economic sectors.

"Tech cases have been a growing focus for CCI but there is increased cognizance within the government to tackle breaches at state-run firms and in public procurement," said Gautam Shahi, a competition law partner at Indian law firm Dua Associates.

In January, Reuters reported an antitrust investigation found four major Indian steelmakers, including Tata Steel and JSW Steel, colluded on prices.

Before filing the case in 2020, ONGC noticed bids had come in at the exact same or very similar pricing in four tenders for oil well cement.

For example, the 2018 tender for 170,000 tonnes of cement saw all three companies quoting a price of 7,000 rupees, or 7,350 rupees per tonne with taxes, for different states.

That prompted ONGC to issue a warning in late 2019, with a notice to India Cements, contained in the report, saying the identically priced bids suggested violation of competition law.

India Cements defended its bid in a written submission on its letterhead to ONGC that year, citing global trends as well as the "lucky number".

"The financial bid was also supported by the numerology factor of 7", the company letter stated.

SUBMITTING BIDS TOGETHER

The CCI's investigation puts the onus of breaches on eight top executives including former managing director of Shree Digvijay, Rajeev Nambiar; billionaire chairman of Dalmia Bharat, Y.H. Dalmia; and former managing director of India Cements, N. Srinivasan, who is also one of India's high-profile business figures. None of the executives responded to Reuters queries.

The CCI also cited Shree Digvijay senior vice president Prem R. Singh, whose testimony said "the prime objective for quoting the identical price was to allocate almost equal volumes and revenue amongst companies".

Singh visited rival Dalmia's office for "directly assisting" them in their tender filing in 2018, the CCI report said, citing messages sent by Singh to Nambiar, his then managing director. Singh did not respond to requests for comment.

Shree Digvijay and Dalmia were "actively involved" in calculating the rail freight distance of their factories from ONGC cement delivery destinations. They then bid accordingly to avoid competition and divided territories amongst themselves.

Excel sheets were also made comparing distances to decide "volume sharing" among rivals, the report showed.

TARGETING FOREIGN FIRMS

Shree Digvijay and Dalmia also targeted foreign firms who bid by flagging "prickly issues", said the report.

They repeatedly filed complaints with the Indian government about foreign bidders' lack of certification and how New Delhi should promote domestic firms over foreign ones.

Foreign bidders included Texas-based Schlumberger, the world's largest oilfield services provider now known as SLB SLB.N, UAE-based Classic Oil Field Chemicals, and Bell Weather, the report showed. The three companies did not respond to queries.

The investigators concluded that the companies tried at least once to pressure ONGC to cancel foreign bids by deciding to "restrict supply" of cement to the oil explorer, which breaches antitrust laws.

In 2019, one executive wrote to another: "Need your support in making them (ONGC) understand that they cannot throw Indian parties in bath tub."

The companies could "not digest the fact that a foreign bidder" can be awarded a tender, the CCI said.

(Reporting by Aditya Kalra; Editing by Sam Holmes)

((Email: [email protected]; X: @adityakalra;))

March 7 (Reuters) - The British government has made a proposal to pay compensation to British Steel's Chinese owner Jingye Group 600768.SS in a bid to unlock the impasse over the future of the UK's second-biggest steel producer, Sky News reported on Saturday.

The offer, which had been made in the last fortnight, is understood to have been worth less than 100 million pounds ($134.11 million), Sky News said, citing officials.

Reuters could not immediately verify the report.

($1 = 0.7457 pounds)

(Reporting by Disha Mishra in Bengaluru
Editing by Tomasz Janowski)

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