The government has assured NRIs that it would work out a solution to the non-delivery of flats sold by Maytas Properties, promoted by relatives of disgraced Satyam founder B Ramalinga Raju
Ruling out any bailout package for Maytas Properties, the government on Thursday assured non-resident Indians (NRIs) that it would work out a solution to the non-delivery of flats sold by the company promoted by relatives of disgraced Satyam founder B Ramalinga Raju.
"I am confident of finding a solution to the problems. We are looking at it seriously. I am hopeful of resolving the issue as soon as possible," corporate affairs minister Salman Khurshid told reporters on the sidelines of the Pravasi Bharatiya Divas.
"We will not offer any bailout for the company. They don't need a bailout. They need just cash flow," Mr Khurshid said at the conference where many NRIs and persons of Indian origin (PIOs) raised the issue of non-delivery of flats sold to them by the company.
According to a delegate, around 400 NRIs from Australia, the US and the UK have purchased flats being developed by Maytas Properties.
Maytas Properties, which ran into trouble after Mr Raju admitted to a multi-crore rupee accounting fraud, was developing a Rs1,100-crore residential ‘hill county’ project near Hyderabad. The project, however, could not be completed as the company faced financial problems.
Before the disclosure of fraud by Mr Raju in January 2009, the shareholders of Satyam had rejected the efforts of the then promoters to acquire Maytas Properties along with another sister company Maytas Infra.
LN Mittal has expressed concern over the slow progress in the proposed Rs1 lakh crore steel projects in Jharkhand and Orissa, but has ruled out exiting at this stage from these states
Steel king LN Mittal on Thursday expressed concern over the slow progress in the proposed Rs1 lakh crore steel projects in Jharkhand and Orissa, but ruled out exiting at this stage from the states, reports PTI.
Meanwhile, the Karnataka government has approved Mr Mittal's proposed Rs30,000-crore, six million tonnes steel project in the state and the pact will be signed in June this year.
"We are not satisfied with the progress made in Jharkhand and Orissa. We hope that we can make more progress than what we have achieved so far. But our endeavour will continue. We don't plan to exit from any of our projects," he told reporters in New Delhi.
"The plan remains the same but the project can come in phases," he said in reply to a query whether the global steel maker may scale down capacity of its 12 million tonne per annum (MTPA) plants, one each in Jharkhand and Orissa.
ArcelorMittal has been facing problems in acquiring land and delays in securing regulatory approvals for its proposed Rs1 lakh crore steel projects in Jharkhand and Orissa.
The non-resident Indian (NRI) billionaire is likely to raise these issues in a meeting with steel minister Virbhadra Singh today.
About the Karnataka project, Mr Mittal said, "The Karnataka government has given preliminary approval for the proposed plant. The Karnataka plant will be the company's third plant."
With the State-run company’s Farakka, Talcher and Khalagaon units already on the coal shortage list for a long time, its Durgapur unit is a new addition
State-run power producer National Thermal Power Corporation (NTPC) continues to face serious coal supply shortage at four of its plants. Central Electricity Authority (CEA) has added NTPC’s Durgapur unit to the super-critical list of thermal power plants which are facing coal supply shortage. Usually, thermal power plants which have coal supply for less than four days are included in the super-critical list.
NTPC’s Farakka, Talcher and Kahalagaon units have been facing the same problem since the past few months.
According to the CEA website, as on 5 January 2010, Farakka and Kahalagaon were reported to have zero day coal supply. In addition, NTPC’s Talcher and Durgapur units had supplies for less than four days.
CEA has cited delay in imports as the main reason for critical coal stocks at the Farakka, Kahalagaon and Talcher units and unloading constraints for the critical coal stock position at Durgapur.
Earlier, in its quarterly list published in September, CEA had listed NTPC’s six thermal power stations in the critical list. Out of these units, situation at three units has improved in December. However, for the rest of the units, coal supply remains to be in a critical stage.
NTPC’s Farakka, Khalagaon, Sipat, Badarpur, Tanda, Talcher and Vindhyachal stations were on the critical list in September, where these units had coal supply for less than seven days.
Although the Sipat, Badarpur, Tanda and Vindhyachal units have shown marginal improvement, coal supply at these units continues to be less than the normal required quota in terms of the number of days. Farakka, Talcher and Kahalagaon, on the other hand, continue to be in the super-critical list.
Based on the September data, Moneylife had sent a mail to NTPC. In a reply, an official said,” The coal situation has improved in all these mentioned stations so has the generation.” However, the same official was not immediately available for comments on the new, updated data.
NTPC owns the Durgapur unit through a joint venture. The plant has a capacity of 120 megawatts (MW). The Talcher plant in Orissa has a capacity of 3,000MW and the Kahalagaon plant in Bihar has a capacity of 2,340MW.
During FY10, CEA expects NTPC's capacity addition to be 1.2 gigawatts (GW) against the company's target of 3.3GW. Until October 2009, NTPC had commissioned only 500MW at its Kahalgaon unit.
The company has signed a memorandum of understanding with the government of Chhattisgarh to set up a 4GW coal-based thermal power project (five 800MW units) at Lara in Raigarh district.
The company has been allotted the Talaipalli coal block in Chhattisgarh with minable reserves of 600 million tons. However, according to a recent review by CEA, the mining plan for the block has still not been approved.
During the 11th five-year plan period, NTPC had commissioned 3.2GW of capacity, and 17.9GW of capacity is under construction, including eight super-critical units of 660MW, and 3GW of projects are yet to be awarded.