SAIL begins process of developing 7MT Chiria mines

Steel Authority of India has started the process of developing Chiria reserves in Jharkhand and has also appointed a global consultant to prepare detailed project execution report

The government said state-owned Steel Authority of India Ltd (SAIL) has started the process of developing Chiria reserves in Jharkhand and has also appointed a global consultant to prepare detailed project execution report.

"SAIL has already initiated the process for development of 7 million tonnes (MT) per annum capacity mechanised mine with state-of-art technology," steel minister Beni Prasad Verma said in a reply to Lok Sabha.

"Hatch Associates of Australia, a consultant of global repute, has been appointed for preparation of Detailed Project Execution Report," the minister added.

Approval of mining plan has been received, the steel minister said, adding that the Ministry of Environment and Forests (MoEF) had given forest clearance to SAIL for mining iron ore from Chiria mines last week with stipulated conditions.

MoEF's Expert Appraisal Committee has recommended environment clearance, Mr Verma said.

"As per conditions stipulated in the stage-1 forest clearance, only mining and crushing up to secondary stage will be carried out at Chiria mine. Balance activities like processing plant...will be carried out outside the forest area," he said.

"Construction and development activities would follow after grant of all the statutory clearance," Mr Verma added.

Asserting that mineral rich Chiria reserves belongs to it, state-owned SAIL had last month said that it was hopeful of commencing mining iron ore from the mines by 2012-13.

"Our plans are ready to mine iron ore from Chiria reserves in Jharkhand.....We hope to start production by 2012-13," SAIL chairman CS Verma had said.

On Monday, SAIL ended 2.73% up at Rs159.65 on the Bombay Stock Exchange, while the benchmark Sensex gained 1.46% at 18,439.48.

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PFC to raise Rs5,300 crore from infrastructure bonds

PFC will provide a fixed rate of interest up to 8.5% on annual or cumulative basis on infrastructure bonds

Public sector undertaking, Power Finance Corporation Ltd (PFC) plans to raise Rs5,300 crore from infrastructure bonds that opened on 24th February, a senior PFC official said.

"We plan to raise Rs5,300 crore through the public issue of infrastructure bond between 24th February and 22nd March," PFC director (commercial) MK Goel said.

Under the bond issuance, an investor can avail up to Rs20,000 rebate in the taxable income in the current financial year under Section 80CCF of Income-Tax Act, 1961, he said.

The deduction of up to Rs20,000 was over and above Rs1 lakh deduction that an investor can avail under Section 80C of Income-Tax Act, Goel said, adding PFC will provide a fixed rate of interest up to 8.5% on annual or cumulative basis, Mr Goel said.

On Monday, PFC ended 1.03% down at Rs240.50 on the Bombay Stock Exchange, while the benchmark Sensex gained 1.46% at 18,439.48.

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TPG, Shriram Group acquire business undertakings of Vishal Retail

TPG and Shriram Group have acquired the wholesale, franchise undertaking and retail undertaking of Vishal Retail

TPG Wholesale Pvt Ltd has acquired the wholesale and franchise undertaking of Vishal Retail while Airplaza Retail Holdings Pvt Ltd, a part of the Shriram Group, has acquired the retail undertaking of Vishal Retail.

TPG will invest Rs200 crore into TPG Wholesale to fund the turnaround of its business and future growth. These transactions are the result of Vishal Retail's debt restructuring, which started in November 2009 under a CDR process led by SBI on behalf of certain lenders of Vishal Retail.

TPG Wholesale will operate the back-end sourcing, merchandising, logistics and franchise operations while Airplaza Retail will operate the retail shops alongside the other franchisee partners currently operating Vishal-branded stores. TPG Wholesale shall be the franchisor to Airplaza Retail and the existing franchisee partners of the business.

The Vishal Megamart-branded retail operations will comprise over 150 stores throughout the country operated by both AirPlaza and over 20 other franchise partners.  

On Monday, Vishal Retail ended 19.97% up at Rs37.55 on the Bombay Stock Exchange, while the benchmark Sensex gained 1.46% at 18,439.48.

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