Billionaire Anil Agarwal’s Cairn India Ltd. will spend about $1 billion to buy back shares giving him greater control over the company as environment rules derail his mining business, two people familiar with the plan said.
Cyrus Mistry, chairman of Tata Sons Ltd., is writing down the value of some of the $15.5 billion assets purchased by his predecessor over two decades to boost the allure of India’s biggest corporate group.
Sesa Sterlite Ltd., controlled by billionaire Anil Agarwal, is close to restarting some of its iron ore mines in India as early as next month after a two-year shutdown shrank its revenue to the least since 2008.
Coal used to make steel is set to drop to the lowest price in two years, eroding earnings at BHP Billiton Ltd. and Rio Tinto Group, as European demand wanes and China shifts supply contracts to Mongolia from Australia.
Vietnam’s state-owned mining company was put on review for a possible downgrade by Moody’s Investors Service as the Southeast Asian nation’s biggest shipbuilder struggles to make payments on a foreign currency loan.
Vedanta Resources Plc ’s bond yields and credit default swaps signal the U.K. miner’s plan to buy Cairn Energy Plc ’s Indian exploration unit may collapse, helping avert a debt downgrade on the $9.6 billion acquisition.
Vietnam National Coal-Mineral Industries Group and other state companies in the Southeast Asian nation may have to pay more to borrow as the near-bankrupt national shipbuilder struggles to repay a foreign-currency loan.