Companies & Sectors
Tata Steel to set up Rs30,000 crore plant in Karnataka


The six million tonne per annum capacity steel plant would come up at Haveri district in Karnataka

Bangalore: Tata Steel has announced plans to set up a Rs30,000 crore steel plant in Karnataka as the government-sponsored Global Investors' Meet (GIM) 2012 commenced.


The six million tonne per annum capacity plant would come up in Haveri district, Tata Steel Vice-Chairman B Muthuraman said at the inaugural GIM function.


Aditya Birla Group CMD Kumar Mangalam Birla said the group proposed to invest Rs7,000 crore in the state. This includes setting up a four million tonne per annum capacity cement plant at a cost of Rs2,750 crore.


Before the event, state government officials said that Karnataka aims to sign MoUs envisaging an investment of Rs6 lakh crore during GIM 2012 being held to showcase the state's investment potential.


At the inauguration, Chief Minister DV Sadananda Gowda said during the GIM 2010 the state signed 389 MoUs with (envisaged) investments amounting to Rs3.92 lakh crore. Of this amount, more than 72% of the projects are in various stages of implementation, he added.




4 years ago

Has anybody ever tried to inquire into the dark past of India Cements when it was almost finished before it suddenly resurrected itself as if by the touch of a magic wand--a billion dollar mystery? All those in the know in high places in Tamil Nadu are tight-lipped about it, but someone in the media might perhaps delve into the depths of this rise from the ashes of destruction by an almost dead company?

True Indian

4 years ago

This also shows why YSR Reddy was so popular with people. Such politicians ( there is one family in Maharashtra too) loot the Govt and like robinhood, disperse among masses a small part. The political Party is impressed by their mass base and lift them up . They do not touch them, even if they know. Otherwise why did CBI came into pictuere only when Jagan Reddy started behaving larger than party? Congress never knew YSR's real nature.


4 years ago

AP is best in developing innovative ideas both in Science&Technology Advancement as well as in Scams like these.

a v moorthi besides TIHAR

4 years ago

BCCI chief is notorious for his deal makings. rather it is surprising why enforcement directorate is not after him for FEMA violations in IPL saga. this particular case regarding investments in group of companies held by Jagan is devoid of any merit because all investments will be duly approved by Board members of the investing company. if any thing only FI who have lending stake in companies of Srinivasan can seek clarifications but now even they cannot do because that will land officials of FI into trouble for failure of post release monitoring with specific reference to end use of funds.

sohan modak

4 years ago

I am sure that the business model described above is favorite of many politicians and must have been in practice for quite some time in Maharashtra, Karnataka, Tamil Nadu, and possibly Haryana. And guess who would be involved?

NTPC secures funding for Meja plant in Uttar Pradesh


Meja Urja Nigam, a jv between NTPC and UP Vidyut Utpadan Nigam signed loan agreement for Rs7,575 crore with a consortium of 16 banks led by SBI

Mumbai: State-run National Thermal Power Corp (NTPC)  said it has achieved financial closure for the Rs6,000-crore Meja thermal power project in Uttar Pradesh, reports PTI.
Meja Urja Nigam, a 50:50 joint venture of NTPC and Uttar Pradesh Rajya Vidyut Utpadan Nigam, has signed loan agreement for Rs7,575 crore for the project which consists of two units of 660mw each, the company said in a statement.
The agreement was signed with a consortium of 16 banks led by State Bank of India, it said, adding the facility was syndicated by SBI Caps.
"The loan has a disbursement period of 60 months and is to be repaid in 10 years thereafter. The funds would be utilised for financing capex of the project," the release said.


Metkore Alloys to invest $80 million in Oman for ferro chrome project

Metkore is also negotiating with a well-established local firm for a joint venture agreement for its new ferro chrome project in Oman


Dubai: India's Metkore Alloys and Industries is set to build a world class 165,000 tonnes per annum capacity ferro chrome smelter project in Oman with an envisaged investment of $80 million, reports PTI.

This is the third ferro chrome project coming up Sohar free zone, local media reports said. The project work of Metkore is expected to start in October, with the completion of the work within 18 months.

According to reports, a land lease agreement was signed by Sheikh Sa'ad bin Mohammed Al Mardhouf Al Sa'adi, Chairman of Port of Sohar, and Prashant Boorugu, Managing Director of Metkore Alloys & Industries.

Metkore is negotiating with a well-established local firm for a joint venture agreement for the ferro chrome project, but no agreement has been signed so far.

The ferro chrome plant will become operational in 2014 and is expected to generate direct employment for about 500 people.

The company has already appointed consultants to carry out technical and environmental studies for the project.

Omanisation is the prime objective of the company and all efforts will be taken to train the local Omani nationals and appoint them to operate the plant profitably, it has said.

Further, the low grade chrome ore available in Oman will be beneficiated and put to gainful use thereby adding value to the mineral resources available in Oman.


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