Company plans to commission first phase of six million tonnes per annum project by March next year; to expand capacity of plant to 20 mtpa in ten years
Bhubaneswar: Optimistic about commissioning the first phase of the proposed six million tonnes per annum steel project in Orissa by March next year, Jindal Steel and Power today said it would expand the capacity of the unit to make it the world’s biggest steel plant within a decade.
“The capacity of the proposed six mtpa steel plant will be expanded to 20 mtpa in the next 10 years. This will be the biggest steel plant in the world,” Naveen Jindal, executive vice-chairman and managing director, JSPL, told reporters after a meeting with Orissa chief minister Naveen Patnaik.
Mr Jindal said the company had already invested Rs10,000 crore and placed orders for another Rs5,000 crore for the Orissa project. The unit would start operation with the commissioning of two mtpa capacity in the first phase, reports PTI.
“We will be able to achieve the capacity of six mtpa steel plant by 2013,” he said, and added that the company was planning a big investment in the state. While JSPL would invest Rs45,000 crore to Rs50,000 crore in the steel sector, it would invest another Rs50,000 crore in the proposed coal-to-liquid (CTL) plant.
"The company is likely to invest Rs1,10,000 crore in the next 10 years,” Mr Jindal said. He also suggested that the environmental clearance for the project was not conditional.
To a question on the rehabilitation of people affected by the project, he said that the company had already demonstrated its intentions by its activities. “Both the chief minister and the company were concerned about the proper rehabilitation of the affected people,” he said.
The Congress member of Parliament also said, “I have never been ignored as an industrialist, even though I am an MP from the opposition party in this state,” he said.
AK Srivastava his wife, middleman Bhushan Lal Bajaj and his spouse arrested; CBI recovers gold and cash allegedly received as gratification from Madhya Pradesh-based Bhatia group of companies
New Delhi: A Delhi court today remanded NALCO chairman and managing director Abhay Kumar Srivastava, his wife and two others, arrested in a bribery case yesterday, in CBI custody till 3rd March.
"The case is required to be thoroughly investigated and for that sustained interrogation of the accused persons is required. Accordingly, I am satisfied that prayer for police custody of accused persons is justified," Special CBI judge OP Saini said.
The CBI arrested Mr Srivastava, his wife Chandani Srivastava, Bhushan Lal Bajaj, described as a middleman, and his spouse Anita Bajaj, and recovered about 10 kg of gold bricks and cash amounting to about Rs30 lakh, reports PTI.
The investigating agency submitted that Mr Bajaj had arranged a deal for bribes between Mr Srivastava and bidders and suppliers of NALCO. The CBI told the court Mr Bajaj was acting as a middleman to obtain favours for the Madhya Pradesh-based Bhatia group of companies and that he had collected huge illegal gratification on behalf of Mr Srivastava from GS Bhatia, the chairman and managing director of Bhatia group.
It also said that Mr Srivastava had instructed Mr Bajaj to convert the gratification from the Bhatia group into gold and to deliver it to him. Ten 24-carat gold bricks, each weighing 1kg, were recovered from a bank locker in the national capital.
The defence counsel opposed the CBI plea for seven days custody saying all searches have already been conducted and recoveries have been made.
Last night, a CBI spokesperson stated that the bank locker, in the name of Anita Bajaj, at the branch of the Bank of Maharashtra, was being operated by Chandani Srivastava. A search of the locker resulted in a further recovery of gold ornaments weighing 188 grammes and currency totalling Rs9.5 lakh.
A search of the wife of the CMD of NALCO also led to the recovery of Rs5 lakh from her handbag and a key of another locker, also in the name of the wife of the middleman. A search of this second locker led to recovery of Rs15 lakh in cash. "The total recovery so far has been 10.18 kg of gold and Rs29.5 lakh in cash, the overall value of which comes to about Rs2.43 crore at current gold prices," the spokesperson said.
Special CBI judge rejects bail applications by Swan promoter Shahid Balwa and former telecom minister A Raja’s personal secretary RK Chandolia
New Delhi: A Delhi court has said that Reliance Telecom, a company of the ADAG group, had already been granted 2G spectrum licence in some circles and, as such, Swan Telecom, its associate company, was not eligible for the same.
“M/s Reliance Telecom Limited of ADAG group of companies had already been granted licence in some circles and, as such, M/s Swan Telecom Pvt Ltd, its associate company, was not eligible for license,” Special CBI Judge OP Saini said yesterday, while rejecting the bail plea of Shahid Usman Balwa, a promoter of Swan Telecom, and RK Chandolia, former personal secretary of former telecom minister A Raja. Both Mr Balwa and Mr Raja are in custody in connection with the 2G spectrum allocation scam.
Dismissing their bail applications, the court considered the fact that Swan Telecom was ineligible for 2G licences, as the holding firm of the company that was indirectly funded by the Anil Dhirubhai Ambani Group (ADAG).
The court said Swam Telecom should not have applied for licences in the first place as it was incorporated by M/s Reliance group of companies and thus was ineligible. Rejecting the bail pleas, the court said the accused are “high-ranking public servants” and “influential” who may interfere with the probe.